N.Y. Uniform Commercial Code Law § 7-105: Reissuance in Alternative Medium

Section 7--105. Reissuance in Alternative Medium.

(a) Upon request of a person entitled under an electronic document of

title, the issuer of the electronic document may issue a tangible

document of title as a substitute for the electronic document if:

(1) the person entitled under the electronic document surrenders

control of the document to the issuer; and

(2) the tangible document when issued contains a statement that it is

issued in substitution for the electronic document.

(b) Upon issuance of a tangible document of title in substitution for

an electronic document of title in accordance with subsection (a):

(1) the electronic document ceases to have any effect or validity; and

(2) the person that procured issuance of the tangible document

warrants to all subsequent persons entitled under the tangible document

that the warrantor was a person entitled under the electronic document

when the warrantor surrendered control of the electronic document to the

issuer.

(c) Upon request of a person entitled under a tangible document of

title, the issuer of the tangible document may issue an electronic

document of title as a substitute for the tangible document if:

(1) the person entitled under the tangible document surrenders

possession of the document to the issuer; and

(2) the electronic document when issued contains a statement that it

is issued in substitution for the tangible document.

(d) Upon issuance of an electronic document of title in substitution

for a tangible document of title in accordance with subsection (c):

(1) the tangible document ceases to have any effect or validity; and

(2) the person that procured issuance of the electronic document

warrants to all subsequent persons entitled under the electronic

document that the warrantor was a person entitled under the tangible

document when the warrantor surrendered possession of the tangible

document to the issuer.