{"data":{"id":"us-ia/iowa-code-554.9105","jurisdiction":"us-ia","citation":"Iowa Code § 554.9105","heading":"Control of electronic copy of record evidencing chattel paper.","body":"1. A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.\n2. A system satisfies subsection 1 if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that:\na. a single authoritative copy of the record or records exists which is unique, identifiable, and, except as otherwise provided in paragraphs “d”, “e”, and “f”, unalterable;\nb. the authoritative copy identifies the purchaser as the assignee of the record or records;\nc. the authoritative copy is communicated to and maintained by the purchaser or its designated custodian;\nd. copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser;\ne. 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\nf. any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.\n3. A system satisfies subsection 1, and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:\na. enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy;\nb. enables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the assignee of the authoritative electronic copy; and\nc. gives the purchaser exclusive power, subject to subsection 4, to:\n(1) prevent others from adding or changing an identified assignee of the authoritative electronic copy; and\n(2) transfer control of the authoritative electronic copy.\n4. Subject to subsection 5, a power is exclusive under subsection 3, paragraph “c”, subparagraphs (1) and (2), even if:\na. the authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or\nb. the power is shared with another person.\n5. A power of a purchaser is not shared with another person under subsection 4, paragraph “b”, and the purchaser’s power is not exclusive if:\na. the purchaser can exercise the power only if the power also is exercised by the other person; and\nb. the other person:\n(1) can exercise the power without exercise of the power by the purchaser; or\n(2) is the transferor to the purchaser of an interest in the chattel paper.\n6. If a purchaser has the powers specified in subsection 3, paragraph “c”, subparagraphs (1) and (2), the powers are presumed to be exclusive.\n7. A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper:\na. has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or\nb. obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.","path":["Title XIII - COMMERCE (Ch. 505 - 554I)","Chapter 554 - UNIFORM COMMERCIAL CODE","Article 9 - SECURED TRANSACTIONS","Part 1 - GENERAL PROVISIONS","Subpart A - SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS"],"source_url":"https://www.legis.iowa.gov/docs/code/2026/554.9105.pdf","current_through":"Iowa Code 2026 edition","vintage":"","retrieved_at":"2026-09-14T19:40:15Z","sha256":"8a5d889dc976873795ef43600f1fb5b160c03040771e6fc8f2fd665804d6faa9","source_id":"us-ia","stale":false,"prev":"us-ia/iowa-code-554.9104","next":"us-ia/iowa-code-554.9105a"},"notice":"GroundRules: Original legal text. Not legal advice."}