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Ark. Code Ann. § 4-9-105

Control of electronic chattel paper

Known as the Uniform Commercial Code

The act spans §§ 4–4 (597 sections).

Applied in 4 court decisions — leading case Farm Credit Midsouth, PCA v. Reece Contracting, Inc. (2004)

Most recently applied in Farm Credit Midsouth, PCA v. Reece Contracting, Inc. (October 2004)

Acts 2001, No. 1439, § 1; 2013, No. 138, § 5.

(1) 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.

(2) A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that: a single authoritative copy of the record or records exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;

(3) the authoritative copy identifies the secured party as the assignee of the record or records;

(4) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;

(5) 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;

(6) 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

(7) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.