1. 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.
2. A system satisfies subsection 1, 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:
a. a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs “d”, “e”, and “f”, unalterable;
b. the authoritative copy identifies the person asserting control as:
(1) the person to which the document was issued; or
(2) if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
c. the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
d. 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;
e. 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
f. any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
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