TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 7

DOCUMENTS OF TITLE

PART 1.

GENERAL

28-7-105.  Reissuance in alternative medium. (a) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:

(1)  The person entitled under the electronic document surrenders control of the document to the issuer; and

(2)  The tangible document when issued contains a statement that it is issued in substitution for the electronic document.

(b)  Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a) of this section:

(1)  The electronic document ceases to have any effect or validity; and

(2)  The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.

(c)  Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:

(1)  The person entitled under the tangible document surrenders possession of the document to the issuer; and

(2)  The electronic document when issued contains a statement that it is issued in substitution for the tangible document.

(d)  Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (c) of this section:

(1)  The tangible document ceases to have any effect or validity; and

(2)  The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.

History:

[28-7-105, added 2004, ch. 42, sec. 2, p. 81.]