§ 9—105. Control of electronic chattel paper
(a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
(b) A system satisfies subsection (a) of this section if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:
(1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in subdivisions (4), (5), and (6) of this subsection, unalterable;
(2) the authoritative copy identifies the secured party as the assignee of the record or records;
(3) the authoritative copy is communicated to and maintained by the secured party 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 secured party;
(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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2013, No. 157 (Adj. Sess.), § 1.)
Structure Vermont Statutes
Title 9A - Uniform Commercial Code
Article 9 - Secured Transactions
§ 9—102. Definitions and index of definitions
§ 9—103. Purchase-money security interest; application of payments; burden of establishing
§ 9—104. Control of deposit account
§ 9—105. Control of electronic chattel paper
§ 9—106. Control of investment property
§ 9—107. Control of letter-of-credit right
§ 9—108. Sufficiency of description in a security agreement
§ 9—110. Security interests arising under Article 2 or 2a
§ 9—201. General effectiveness of security agreement
§ 9—202. Title to collateral immaterial
§ 9—204. After-acquired property; future advances
§ 9—205. Use or disposition of collateral permissible
§ 9—206. Security interest arising in purchase or delivery of financial asset
§ 9—207. Rights and duties of secured party having possession or control of collateral
§ 9—208. Additional duties of secured party having control of collateral
§ 9—209. Duties of secured party if account debtor has been notified of assignment
§ 9—210. Request for accounting; request regarding list of collateral or statement of account
§ 9—301. Law governing perfection and priority of security interests
§ 9—302. Law governing perfection and priority of agricultural liens
§ 9—304. Law governing perfection and priority of security interests in deposit accounts
§ 9—305. Law governing perfection and priority of security interests in investment property
§ 9—306. Law governing perfection and priority of security interests in letter-of-credit rights
§ 9—308. When security interest or agricultural lien is perfected; continuity of perfection
§ 9—309. Security interest perfected upon attachment
§ 9—313. When possession by or delivery to secured party perfects security interest without filing
§ 9—314. Perfection by control
§ 9—315. Secured party’s rights on disposition of collateral and in proceeds
§ 9—316. Effect of change in governing law
§ 9—317. Interests that take priority over or take free of security interest or agricultural lien
§ 9—319. Rights and title of consignee with respect to creditors and purchasers
§ 9—321. Licensee of general intangible and lessee of goods in ordinary course of business
§ 9—324. Priority of purchase-money security interests
§ 9—325. Priority of security interests in transferred collateral
§ 9—326. Priority of security interests created by new debtor
§ 9—327. Priority of security interests in deposit account
§ 9—328. Priority of security interests in investment property
§ 9—329. Priority of security interests in letter-of-credit right
§ 9—330. Priority of purchaser of chattel paper or instrument
§ 9—332. Transfer of money; transfer of funds from deposit account
§ 9—333. Priority of certain liens arising by operation of law
§ 9—334. Priority of security interests in fixtures and crops
§ 9—337. Priority of security interests in goods covered by certificate of title
§ 9—339. Priority subject to subordination
§ 9—340. Effectiveness of right of recoupment or set-off against deposit account
§ 9—341. Bank’s rights and duties with respect to deposit account
§ 9—342. Bank’s right to refuse to enter into or disclose existence of control agreement
§ 9—401. Alienability of debtor’s rights
§ 9—402. Secured party not obligated on contract of debtor or in tort
§ 9—403. Agreement not to assert defenses against assignee
§ 9—404. Rights acquired by assignee; claims and defenses against assignee
§ 9—405. Modification of assigned contract
§ 9—409. Restrictions on assignment of letter-of-credit rights ineffective
§ 9—503. Name of debtor and secured party
§ 9—504. Indication of collateral
§ 9—506. Effect of errors or omissions
§ 9—507. Effect of certain events on effectiveness of financing statement
§ 9—508. Effectiveness of financing statement if new debtor becomes bound by security agreement
§ 9—509. Persons entitled to file a record
§ 9—510. Effectiveness of filed record
§ 9—511. Secured party of record
§ 9—512. Amendment of financing statement
§ 9—513. Termination statement
§ 9—514. Assignment of powers of secured party of record
§ 9—515. Duration and effectiveness of financing statement; effect of lapsed financing statement
§ 9—516. What constitutes filing; effectiveness of filing
§ 9—517. Effect of indexing errors
§ 9—518. Claim concerning inaccurate or wrongfully filed record
§ 9—519. Numbering, maintaining, and indexing records; communicating information provided in records
§ 9—520. Acceptance and refusal to accept record
§ 9—521. Uniform form of written financing statement and amendment
§ 9—522. Maintenance and destruction of records
§ 9—523. Information from filing office; sale or license of records
§ 9—524. Delay by filing office
§ 9—602. Waiver and variance of rights and duties
§ 9—603. Agreement on standards concerning rights and duties
§ 9—604. Procedure if security agreement covers real property or fixtures
§ 9—605. Unknown debtor or secondary obligor
§ 9—606. Time of default for agricultural lien
§ 9—607. Collection and enforcement by secured party
§ 9—609. Secured party’s right to take possession after default
§ 9—610. Disposition of collateral after default
§ 9—611. Notification before disposition of collateral
§ 9—612. Timeliness of notification before disposition of collateral
§ 9—613. Contents and form of notification before disposition of collateral: general
§ 9—615. Application of proceeds of disposition; liability for deficiency and right to surplus
§ 9—616. Explanation of calculation of surplus or deficiency
§ 9—617. Rights of transferee of collateral
§ 9—618. Rights and duties of certain secondary obligors
§ 9—619. Transfer of record or legal title
§ 9—621. Notification of proposal to accept collateral
§ 9—622. Effect of acceptance of collateral
§ 9—623. Right to redeem collateral
§ 9—625. Remedies for secured party’s failure to comply with article
§ 9—626. Action in which deficiency or surplus is in issue
§ 9—627. Determination of whether conduct was commercially reasonable
§ 9—628. Nonliability and limitation on liability of secured party; liability of secondary obligor
§ 9—703. Security interest perfected before effective date
§ 9—704. Security interest unperfected before effective date
§ 9—705. Effectiveness of action taken before effective date
§ 9—706. When initial financing statement suffices as continuation statement
§ 9—707. Amendment of preeffective-date financing statement
§ 9—708. Persons entitled to file initial financing statement or continuation statement
§ 9—803. Security interest perfected before effective date
§ 9—804. Security interest unperfected before effective date
§ 9—805. Effectiveness of action taken before effective date
§ 9—807. Amendment of pre-effective-date financing statement
§ 9—808. Person entitled to file initial financing statement or continuation statement