(a) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.
(b) A system satisfies subsection (a) of this section if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that:
(1) A single authoritative copy of the record or records exists which is unique, identifiable, and, except as otherwise provided in subsections (a)(4), (a)(5), and (a)(6) of this section, unalterable;
(2) The authoritative copy identifies the purchaser as the assignee of the record or records;
(3) The authoritative copy is communicated to and maintained by the purchaser 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 purchaser;
(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.
(c) A system satisfies subsection (a) of this section, and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:
(1) Enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy;
(2) Enables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the assignee of the authoritative electronic copy; and
(3) Gives the purchaser exclusive power, subject to subsection (d) of this section, to:
(A) Prevent others from adding or changing an identified assignee of the authoritative electronic copy; and
(B) Transfer control of the authoritative electronic copy.
(d) Subject to subsection (e) of this section, a power is exclusive under subsections (c)(3)(A) and (c)(3)(B) of this section even if:
(1) The authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or
(2) The power is shared with another person.
(e) A power of a purchaser is not shared with another person under subsection (d)(2) of this section and the purchaser's power is not exclusive if:
(1) The purchaser can exercise the power only if the power also is exercised by the other person; and
(2) The other person:
(A) Can exercise the power without exercise of the power by the purchaser; or
(B) Is the transferor to the purchaser of an interest in the chattel paper.
(f) If a purchaser has the powers specified in subsections (c)(3)(A) and (c)(3)(B) of this section, the powers are presumed to be exclusive.
(g) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper:
(1) Has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or
(2) Obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.
Source: L. 2001: Entire article R&RE, p. 1329, § 1, effective July 1. L. 2012: Entire section amended, (HB 12-1262), ch. 170, p. 596, § 2, effective July 1, 2013. L. 2023: (a), IP(b), (b)(1), (b)(2), (b)(3), and (b)(4) amended and (c), (d), (e), (f), and (g) added, (SB 23-090), ch. 136, p. 544, § 44, effective August 7.
Notes of Decisions
First Nat'l Bank of Denver v. Cillessen, 622 P.2d 598 (Colo. Ct. App. 1980).
· cites it 6× “” Section 4-9-105(l)(d), C.R.S. 1973, provides: “Debtor means 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, contract rights, or chattel paper.”
Haberl v. Bigelow, 855 P.2d 1368 (Colo. 1993).
· cites it 2× “" § 4-9-105(1)(c), 2 C.R.S. (1992). See also Nixon v.”
First Nat. Bank of Brush v. Bostron, 564 P.2d 964 (Colo. Ct. App. 1977).
· cites it 3× “Section 4-9-105(f), C.R.S.1973, provides: "`Goods' includes all things which are movable at the time the security interest attaches.”
Young v. Golden State Bank, 560 P.2d 855 (Colo. Ct. App. 1977).
· cites it 2× “A security agreement is an agreement which provides for a security interest, § 4-9-105(1)(h), C.R.S.1973, and a security interest is an interest in personal property or fixtures which secures payment or performance of an obligation.”
Morgan Cnty. Feeders, Inc. v. McCormick, 836 P.2d 1051 (Colo. Ct. App. 1992).
· cites it 3× “Under the Uniform Commercial Code, “goods” are defined as, “all things which are moveable at the time the security interest attaches_” Section 4-9-105(l)(h), C.R.S. (1991 Cum.Supp.”
Capitran Inc. v. Great W. Bank, 872 P.2d 1370 (Colo. Ct. App. 1994).
· cites it 5× “1988); § 4-9-105, C.R.S. (1992 Repl. Vol. 2). “Maintain” means: “acts of repairs and other acts to prevent a decline, lapse or cessation from existing state or condition; keep in force; keep in good order; keep in proper condition; keep in repair; keep up; preserve.”
Denver Tec Bank v. Fed. Deposit Ins. Corp., 843 P.2d 129 (Colo. Ct. App. 1992).
· cites it 2× “Neither party disputes that the Penn and JHA agreements are chattel paper as defined in § 4-9-105(l)(b), C.R.S. (1992 Repl. Vol. 2), nor that Article 9 of the Uniform Commercial Code (UCC) applies to the creation of a security interest in the chattel paper.”
— Colo. Rev. Stat. § 4-9-105(1)(c) — 1 case
Haberl v. Bigelow, 855 P.2d 1368 (Colo. 1993).
“" § 4-9-105(1)(c), 2 C.R.S. (1992). See also Nixon v.”
— Colo. Rev. Stat. § 4-9-105(1)(d) — 1 case
— Colo. Rev. Stat. § 4-9-105(1)(h) — 2 cases
Young v. Golden State Bank, 560 P.2d 855 (Colo. Ct. App. 1977).
“A security agreement is an agreement which provides for a security interest, § 4-9-105(1)(h), C.R.S.1973, and a security interest is an interest in personal property or fixtures which secures payment or performance of an obligation.”
— Colo. Rev. Stat. § 4-9-105(f) — 2 cases
First Nat. Bank of Brush v. Bostron, 564 P.2d 964 (Colo. Ct. App. 1977).
“Section 4-9-105(f), C.R.S.1973, provides: "`Goods' includes all things which are movable at the time the security interest attaches.”
— Colo. Rev. Stat. § 4-9-105(l)(a) — 1 case
— Colo. Rev. Stat. § 4-9-105(l)(b) — 1 case
Denver Tec Bank v. Fed. Deposit Ins. Corp., 843 P.2d 129 (Colo. Ct. App. 1992).
“Neither party disputes that the Penn and JHA agreements are chattel paper as defined in § 4-9-105(l)(b), C.R.S. (1992 Repl. Vol. 2), nor that Article 9 of the Uniform Commercial Code (UCC) applies to the creation of a security interest in the chattel paper.”
— Colo. Rev. Stat. § 4-9-105(l)(c) — 1 case
Haberl v. Bigelow, 855 P.2d 1368 (Colo. 1993).
“" § 4-9-105(1)(c), 2 C.R.S. (1992). See also Nixon v.”
— Colo. Rev. Stat. § 4-9-105(l)(d) — 2 cases
First Nat'l Bank of Denver v. Cillessen, 622 P.2d 598 (Colo. Ct. App. 1980).
“” Section 4-9-105(l)(d), C.R.S. 1973, provides: “Debtor means 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, contract rights, or chattel paper.”
— Colo. Rev. Stat. § 4-9-105(l)(h) — 3 cases
Morgan Cnty. Feeders, Inc. v. McCormick, 836 P.2d 1051 (Colo. Ct. App. 1992).
“Under the Uniform Commercial Code, “goods” are defined as, “all things which are moveable at the time the security interest attaches_” Section 4-9-105(l)(h), C.R.S. (1991 Cum.Supp.”
— Colo. Rev. Stat. § 4-9-105(l)(i) — 1 case
Capitran Inc. v. Great W. Bank, 872 P.2d 1370 (Colo. Ct. App. 1994).
“1988); § 4-9-105, C.R.S. (1992 Repl. Vol. 2). “Maintain” means: “acts of repairs and other acts to prevent a decline, lapse or cessation from existing state or condition; keep in force; keep in good order; keep in proper condition; keep in repair; keep up; preserve.”
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