{"data":{"id":"us-la/rs-10-9-105","jurisdiction":"us-la","citation":"RS 10:9-105","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) of this Section 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) of this Subsection, 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) of this Section, 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) of this Section, 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) of this Section, a power is exclusive under Subparagraphs (c)(3)(A) and (B) of this Section 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 Paragraph (d)(2) of this Section 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 Subparagraphs (c)(3)(A) and (B) of this Section, 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":["TITLE 10. COMMERCIAL LAWS"],"source_url":"https://www.legis.la.gov/legis/Law.aspx?d=74385","current_through":"2025 First Extraordinary Session","vintage":"","retrieved_at":"2026-09-14T04:50:08Z","sha256":"ee45705ab0bc760b7fa290b7182f0eee49200a4792bf284deb7f8ddf82a43391","source_id":"us-la","stale":false,"prev":"us-la/rs-10-9-104","next":"us-la/rs-10-9-106"},"notice":"GroundRules: Original legal text. Not legal advice."}