Ark. Code Ann. » Title 4 Chapter 09
Arkansas Code Annotated

Ark. Code Ann. § 4-9-105 (2020)

Control of electronic chattel paper

✓ Arkansas Code release r76: Acts through about 2020 (2021-2025 sessions missing)
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  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 (a) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:
    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), unalterable;
    2. the authoritative copy identifies the secured party as the assignee of the record or records;
    3. the authoritative copy is communicated to and maintained by the secured party 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 secured party;
    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.

History. Acts 2001, No. 1439, § 1; 2013, No. 138, § 5.

Amendments. The 2013 amendment redesignated the former introductory language as (a) and rewrote (a); added the introductory language of (b); in (b)(4), substituted “amendments” for “revisions” and “consent” for “participation”; in (a)(6), substituted “any amendment” for “any revision” and deleted “an” preceding “authorized” and “revision” following “unauthorized”.

Case Notes

Cited: McDonald Mobile Homes, Inc. v. BankAmerica Hous. Servs., 93 Ark. App. 256, 218 S.W.3d 376 (2005).

Notes of Decisions
Cited in 8 cases, 1995–2005 · leading case: Meeks v. First Bank of South Arkansas (In Re Tracy's Flowers & Gifts, Inc.), 264 B.R. 1 (Bankr. E.D. Ark. 2001).
Sort: Relevance Newest Treatment
Meeks v. First Bank of South Arkansas (In Re Tracy's Flowers & Gifts, Inc.), 264 B.R. 1 (Bankr. E.D. Ark. 2001). · cites it 10× “§ 4-1-201(37) (Michie Supp.1999). The Trustee relies on the definition of “security agreement” to support his argument that the second requirement necessary for a perfected security interest has not been satisfied.”
River Valley Bank of Russellville v. Ace Sports Mgmt., LLC (In Re Ace Sports Mgmt., LLC), 271 B.R. 134 (Bankr. E.D. Ark. 2001). · cites it 8× “Neither statement was signed by Mrs. Johnson or listed her as a secured party, although she signed the attached assignment document.”
Farm Credit Midsouth, PCA v. Reece Contracting, Inc., 196 S.W.3d 488 (Ark. 2004). · cites it 2× “Ark. Code Ann. § 4-9-105 (l)(d) (Supp. 1997); see also Davison v.”
Grayson v. Bank of Little Rock, 971 S.W.2d 788 (Ark. 1998). · cites it 2× “” Ark. Code Ann. § 4-9-105 (h) (Supp. 1997).”
McDonald Mobile Homes, Inc. v. BankAmerica Hous. Servs., 218 S.W.3d 376 (Ark. Ct. App. 2005). · cites it 2× “1 Arkansas Code Annotated section 4-9-105(1)(d) (Supp. 1999) defines “debtor” as: “the person who owes payment or other performance of the obligation secured, whether or not he owns or has rights in the collateral, and includes the seller of accounts or chattel paper.”
Luker v. Reeves (In re Reeves), 65 F.3d 670 (8th Cir. 1995). “by assignment.” Ark. Code Ann. §§ 4-9-102 (l)(a), 4-9-102(2).”
Duke Wholesale, Inc. v. Pitchford, 56 S.W.3d 399 (Ark. Ct. App. 2001). · cites it 2× “” See Ark. Code Ann. § 4-9-105 (b) (Supp. 1999).”
Rice v. Fas Fax Corp. (In Re Hot Shots Burgers & Fries, Inc.), 183 B.R. 848 (Bankr. E.D. Ark. 1995). · cites it 2× “Section 4-9-105(l)(d) of the Arkansas version of the Uniform Commercial Code defines a debtor as “the person who owes payment .”
Ark. Code Ann. § 4-9-105(1): 2 cases
Meeks v. First Bank of South Arkansas (In Re Tracy's Flowers & Gifts, Inc.), 264 B.R. 1 (Bankr. E.D. Ark. 2001). “§ 4-1-201(37) (Michie Supp.1999). The Trustee relies on the definition of “security agreement” to support his argument that the second requirement necessary for a perfected security interest has not been satisfied.”
River Valley Bank of Russellville v. Ace Sports Mgmt., LLC (In Re Ace Sports Mgmt., LLC), 271 B.R. 134 (Bankr. E.D. Ark. 2001). “Neither statement was signed by Mrs. Johnson or listed her as a secured party, although she signed the attached assignment document.”
Ark. Code Ann. § 4-9-105(1)(d): 1 case
McDonald Mobile Homes, Inc. v. BankAmerica Hous. Servs., 218 S.W.3d 376 (Ark. Ct. App. 2005). “1 Arkansas Code Annotated section 4-9-105(1)(d) (Supp. 1999) defines “debtor” as: “the person who owes payment or other performance of the obligation secured, whether or not he owns or has rights in the collateral, and includes the seller of accounts or chattel paper.”
Ark. Code Ann. § 4-9-105(a)(d): 1 case
River Valley Bank of Russellville v. Ace Sports Mgmt., LLC (In Re Ace Sports Mgmt., LLC), 271 B.R. 134 (Bankr. E.D. Ark. 2001). “Neither statement was signed by Mrs. Johnson or listed her as a secured party, although she signed the attached assignment document.”
Ark. Code Ann. § 4-9-105(d): 1 case
Meeks v. First Bank of South Arkansas (In Re Tracy's Flowers & Gifts, Inc.), 264 B.R. 1 (Bankr. E.D. Ark. 2001). “§ 4-1-201(37) (Michie Supp.1999). The Trustee relies on the definition of “security agreement” to support his argument that the second requirement necessary for a perfected security interest has not been satisfied.”
Ark. Code Ann. § 4-9-105(l)(d): 2 cases
River Valley Bank of Russellville v. Ace Sports Mgmt., LLC (In Re Ace Sports Mgmt., LLC), 271 B.R. 134 (Bankr. E.D. Ark. 2001). “Neither statement was signed by Mrs. Johnson or listed her as a secured party, although she signed the attached assignment document.”
Rice v. Fas Fax Corp. (In Re Hot Shots Burgers & Fries, Inc.), 183 B.R. 848 (Bankr. E.D. Ark. 1995). “Section 4-9-105(l)(d) of the Arkansas version of the Uniform Commercial Code defines a debtor as “the person who owes payment .”
Ark. Code Ann. § 4-9-105(l)(i): 1 case
Luker v. Reeves (In re Reeves), 65 F.3d 670 (8th Cir. 1995). “by assignment.” Ark. Code Ann. §§ 4-9-102 (l)(a), 4-9-102(2).”
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