Fla. Stat. 679.1051
Control of electronic chattel paper

(1)

A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.

(2)

A system satisfies subsection (1), and a secured party has control of electronic chattel paper, if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (d), (e), and (f), unalterable;The authoritative copy identifies the secured party as the assignee of the record or records;The authoritative copy is communicated to and maintained by the secured party or its designated custodian;Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; andAny amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

(a)

A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (d), (e), and (f), unalterable;

(b)

The authoritative copy identifies the secured party as the assignee of the record or records;

(c)

The authoritative copy is communicated to and maintained by the secured party or its designated custodian;

(d)

Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;

(e)

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

(f)

Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

Source: Section 679.1051 — Control of electronic chattel paper, https://www.­flsenate.­gov/Laws/Statutes/2024/0679.­1051 (accessed Aug. 7, 2025).

Current through Fall 2025

§ 679.1051. Control of electronic chattel paper's source at flsenate​.gov