(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 single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in subdivisions d, e, and f, unalterable;
(3) The authoritative copy identifies the person asserting control as: The person to which the document was issued; or
(4) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
(5) The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
(6) 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;
(7) 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
(8) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.