Okla. Stat. tit. 12A, § 12A-15-116: Transferable records

TRANSFERABLE RECORDS

(a) In this section, “transferable record” means an electronic

record that:

(1) would be a note under Article 3 of the Uniform Commercial

Code or a document under Article 7 of the Uniform Commercial Code if

the electronic record were in writing; and

(2) the issuer of the electronic record expressly has agreed is

a transferable record.

(b) A person has control of a transferable record if a system

employed for evidencing the transfer of interests in the

transferable record reliably establishes that person as the person

to which the transferable record was issued or transferred.

(c) A system satisfies subsection (b) of this section, and a

person is deemed to have control of a transferable record, if the

transferable record is created, stored, and assigned in such a

manner that:

(1) a single authoritative copy of the transferable record

exists which is unique, identifiable, and, except as otherwise

provided in paragraphs (4), (5), and (6) of this subsection,

unalterable;

(2) the authoritative copy identifies the person asserting

control as:

(A) the person to which the transferable record was issued, or

(B) if the authoritative copy indicates that the transferable

record has been transferred, the person to which the transferable

record was most recently transferred;

(3) the authoritative copy is communicated to and maintained by

the person asserting control or its designated custodian;

(4) copies or revisions that add or change an identified

assignee of the authoritative copy can be made only with the consent

of the person asserting control;

(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 revision of the authoritative copy is readily

identifiable as authorized or unauthorized.

(d) Except as otherwise agreed, a person having control of a

transferable record is the holder, as defined in paragraph 20 of

Section 1-201 of the Uniform Commercial Code, of the transferable

record and has the same rights and defenses as a holder of an

equivalent record or writing under the Uniform Commercial Code,

including, if the applicable statutory requirements under subsection

(a) of Section 3-302, Section 7-501, or Section 9-308 of the Uniform

Commercial Code are satisfied, the rights and defenses of a holder

in due course, a holder to which a negotiable document of title has

been duly negotiated, or a purchaser, respectively. Delivery,

possession, and endorsement are not required to obtain or exercise

any of the rights under this subsection.

(e) Except as otherwise agreed, an obligor under a transferable

record has the same rights and defenses as an equivalent obligor

under equivalent records or writings under the Uniform Commercial

Code.

(f) If requested by a person against which enforcement is

sought, the person seeking to enforce the transferable record shall

provide reasonable proof that the person is in control of the

transferable record. Proof may include access to the authoritative

copy of the transferable record and related business records

sufficient to review the terms of the transferable record and to

establish the identity of the person having control of the

transferable record.