{"data":{"id":"us-nc/n.c.-gen.-stat.-25-9-105.1","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 25-9-105.1","heading":"Control of electronic money.","body":"(a)\tGeneral Rule for Control of Electronic Money. - A person has control of electronic money if both of the following apply:\n(1)\tThe electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person both of the following:\na.\tPower to avail itself of substantially all the benefit from the electronic money.\nb.\tExclusive power, subject to subsection (b) of this section, to do both of the following:\n1.\tPrevent others from availing themselves of substantially all the benefit from the electronic money.\n2.\tTransfer control of the electronic money to another person or cause another person to obtain control of other electronic money as a result of the transfer of the electronic money.\n(2)\tThe electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded enables the person readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as having the powers under subdivision (1) of this subsection.\n(b)\tMeaning of Exclusive. - Subject to subsection (c) of this section, a power is exclusive under sub-subdivision (a)(1)b. of this section even if either of the following applies:\n(1)\tThe electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded limits the use of the electronic money or has a protocol programmed to cause a change, including a transfer or loss of control.\n(2)\tThe power is shared with another person.\n(c)\tWhen Power Not Shared with Another Person. - A power of a person is not shared with another person under subdivision (b)(2) of this section and the person's power is not exclusive if both of the following apply:\n(1)\tThe person can exercise the power only if the power also is exercised by the other person.\n(2)\tEither of the following applies:\na.\tThe other person can exercise the power without exercise of the power by the person.\nb.\tThe other person is the transferor to the person of an interest in the electronic money.\n(d)\tPresumption of Exclusivity of Certain Powers. - If a person has the powers specified in sub-subdivision (a)(1)b. of this section, the powers are presumed to be exclusive.\n(e)\tControl Through Another Person. - A person has control of electronic money if either of the following applies to another person, other than the transferor to the person of an interest in the electronic money:\n(1)\tThe other person has control of the electronic money and acknowledges that it has control on behalf of the person.\n(2)\tThe other person obtains control of the electronic money after having acknowledged that it will obtain control of the electronic money on behalf of the person. (2025-25, s. 61.)","path":["Chapter 25. Uniform Commercial Code.","Article 9. Secured Transactions.","Part 1. General Provisions."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_25/GS_25-9-105.1.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T17:58:47Z","sha256":"2ad1d33dfab2c5bf13bbfe2e307d85a2a97a130d38f50e8651db55723ced56a0","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-25-9-105","next":"us-nc/n.c.-gen.-stat.-25-9-106"},"notice":"GroundRules: Original legal text. Not legal advice."}