(a) A person has control of an electronic document of title if a
system employed for evidencing the transfer of interests in the
electronic document reliably establishes that person as the person to
which the electronic document was issued or transferred.
(b) A system satisfies subsection (a), and a person is deemed to have
control of an electronic document of title, if the document is created,
stored and assigned in such a manner that:
(1) a single authoritative copy of the document exists which is
unique, identifiable, and, except as otherwise provided in paragraphs
(4), (5), and (6), unalterable;
(2) the authoritative copy identifies the person asserting control as:
(A) the person to which the document was issued; or
(B) if the authoritative copy indicates that the document has been
transferred, the person to which the document was most recently
transferred;
(3) the authoritative copy is communicated to and maintained by the
person asserting control or its designated custodian;
(4) copies or amendments that add or change an identified assignee of
the authoritative copy can be made only with the consent of the person
asserting control;
(5) each copy of the authoritative copy and any copy of a copy is
readily identifiable as a copy that is not the authoritative copy; and
(6) any amendment of the authoritative copy is readily identifiable as
authorized or unauthorized.