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Can you summarize NHRS 382-A:9-105?
UNIFORM COMMERCIAL CODE > Control Of Electronic Chattel Paper.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the control of electronic copies of records that evidence chattel paper. It applies to purchasers and assignees of chattel paper. The document establishes rules for determining control of authoritative electronic copies, including the requirement for a system that reliably establishes the purchaser as the assignee. It specifies that a single authoritative copy of the record must exist, which is unique, identifiable, and unalterable, and that the purchaser must be identified as the assignee. The authoritative copy should be communicated to and maintained by the purchaser or its designated custodian. The document also addresses the power of the purchaser to prevent others from adding or changing an identified assignee and to transfer control of the authoritative electronic copy. It provides definitions and conditions for exclusive power and presumption of exclusivity. The document further outlines scenarios where control can be obtained through another person. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Purchasers and assignees of chattel paper
What does it govern?
Control of electronic copy of record evidencing chattel paper
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire