(a)
A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
(b)
A system satisfies subdivision (a), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:
(1)
a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2)
the authoritative copy identifies the person asserting control as:
(A)
the person to which the document was
issued; or
(B)
if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
(3)
the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
(4)
copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
(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
(6)
any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.