Print

The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

007

:
Documents of Title











 

§

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. (Added 2015, No. 51, § B.3, eff. June

3, 2015.)