{"data":{"id":"us-il/810-ilcs-5-9-105","jurisdiction":"us-il","citation":"810 ILCS 5/9-105","heading":"Control of electronic copy of record evidencing chattel paper.","body":"(a) General rule: control of electronic copy of record evidencing chattel paper. 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.\n(b) Single authoritative copy. A system satisfies subsection (a) if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that:\n(1) a single authoritative copy of the record or records exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;\n(2) the authoritative copy identifies the purchaser as the assignee of the record or records;\n(3) the authoritative copy is communicated to and maintained by the purchaser or its designated custodian;\n(4) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser;\n(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\n(6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.\n(c) One or more authoritative copies. A system satisfies subsection (a), 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:\n(1) enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy;\n(2) 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\n(3) gives the purchaser exclusive power, subject to subsection (d), to:\n(A) prevent others from adding or changing an identified assignee of the authoritative electronic copy; and\n(B) transfer control of the authoritative electronic copy.\n(d) Meaning of exclusive. Subject to subsection (e), a power is exclusive under subsection (c)(3)(A) and (B) even if:\n(1) 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\n(2) the power is shared with another person.\n(e) When power not shared with another person. A power of a purchaser is not shared with another person under subsection (d)(2) and the purchaser's power is not exclusive if:\n(1) the purchaser can exercise the power only if the power also is exercised by the other person; and\n(2) the other person:\n(A) can exercise the power without exercise of the power by the purchaser; or\n(B) is the transferor to the purchaser of an interest in the chattel paper.\n(f) Presumption of exclusivity of certain powers. If a purchaser has the powers specified in subsection (c)(3)(A) and (B), the powers are presumed to be exclusive.\n(g) Obtaining control through another person. 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:\n(1) has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or\n(2) 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":["CHAPTER 810 COMMERCIAL CODE","Uniform Commercial Code."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2301\u0026ChapterID=66\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"31a6d5abc17cd60004476ad93a7400ed106e7b8373a32e40c5ad63e316031298","source_id":"us-il","stale":false,"prev":"us-il/810-ilcs-5-9-104","next":"us-il/810-ilcs-5-9-105a"},"notice":"GroundRules: Original legal text. Not legal advice."}