Missouri Revised Statutes
Chapter 400
Uniform Commercial Code
←400.09-104
Section 400.9-105.1
400.09-106→
August 28, 2015
Control of electronic chattel paper.
400.9-105. (a) 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.
(b) 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.
(L. 1963 p. 503 § 9-105, A.L. 1988 S.B. 583, A.L. 1992 S.B. 448, A.L.
1997 S.B. 6, A.L. 2001 S.B. 288, A.L. 2014 H.B. 1376)
2001
1997
2001
400.9-105. 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:
(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 revisions that add or change an identified assignee of the
authoritative copy can be made only with the participation 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 revision of the authoritative copy is readily identifiable as an
authorized or unauthorized revision.
1997
400.009.105. (1) In this Article unless the context otherwise
requires:
(a) "Account debtor" means the person who is obligated on an account,
chattel paper or general intangible;
(b) "Chattel paper" means a writing or writings which evidence both a
monetary obligation and a security interest in or a lease of specific
goods, but a charter or other contract involving the use or hire of a
vessel is not chattel paper. When a transaction is evidenced both by such
a security agreement or a lease and by an instrument or a series of
instruments, the group of writings taken together constitutes chattel
paper;
(c) "Collateral" means the property subject to a security interest,
and includes accounts and chattel paper which have been sold;
(d) "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 or chattel paper. Where
the debtor and the owner of the collateral are not the same person, the
term "debtor" means the owner of the collateral in any provision of the
article dealing with the collateral, the obligor in any provision dealing
with the obligation, and may include both where the context so requires;
(e) "Deposit account" means a demand, time, savings, passbook or like
account maintained with a bank, savings and loan association, credit union
or like organization, other than an account evidenced by a certificate of
deposit;
(f) "Document" means document of title as defined in the general
definitions of article 1 (section 400.1-201), and a receipt of the kind
described in subsection (2) of section 400.7-201;
(g) "Encumbrance" includes real estate mortgages and other liens on
real estate and all other rights in real estate that are not ownership
interests;
(h) "Goods" includes all things which are movable at the time the
security interest attaches or which are fixtures (section 400.9-313), but
does not include money, documents, instruments, investment property,
accounts, chattel paper, general intangibles, or minerals or the like
(including oil and gas) before extraction. "Goods" also includes standing
timber which is to be cut and removed under a conveyance or contract for
sale, the unborn young of animals and growing crops;
(i) "Instrument" means a negotiable instrument (defined in section
400.3-104), or any other writing which evidences a right to the payment of
money and is not itself a security agreement or lease and is of a type
which is in ordinary course of business transferred by delivery with any
necessary endorsement or assignment. The term does not include investment
property;
(j) "Mortgage" means a consensual interest created by a real estate
mortgage, a deed of trust on real estate, or the like;
(k) An advance is made "pursuant to commitment" if the secured party
has bound himself to make it, whether or not a subsequent event of default
or other event not within his control has relieved or may relieve him from
his obligation;
(l) "Security agreement" means an agreement which creates or provides
for a security interest;
(m) "Secured party" means a lender, seller or other person in whose
favor there is a security interest including a person to whom accounts or
chattel paper have been sold. When the holders of obligations issued under
an indenture of trust, equipment trust agreement or the like are
represented by a trustee or other person, the representative is the secured
party;
(n) "Transmitting utility" means any person primarily engaged in the
railroad, street railway or trolly bus business, the electric or
electronics communications transmission business, the transmission of goods
by pipeline, or the transmission or the production and transmission of
electricity, steam, gas or water, or the provision of sewer service;
(2) Other definitions applying to this Article and the sections in
which they appear are:
"Account". Section 400.9-106.
"Attach". Section 400.9-203.
"Commodity contract". Section 400.9-115.
"Commodity customer". Section 400.9-115.
"Commodity intermediary". Section 400.9-115.
"Construction mortgage". Section 400.9-313(1).
"Consumer goods". Section 400.9-109(1).
"Control". Section 400.9-115.
"Equipment". Section 400.9-109(2).
"Farm products". Section 400.9-109(3).
"Fixture". Section 400.9-313.
"Fixture filing". Section 400.9-313.
"General intangibles". Section 400.9-106.
"Inventory". Section 400.9-109(4).
"Investment property". Section 400.9-115.
"Letter of credit". Section 400.5-102.
"Lien creditor". Section 400.9-301(3).
"Proceeds". Section 400.9-306(1).
"Purchase money security interest". Section 400.9-107.
"Rights to proceeds of a written letter of credit". Section 400.5-
114(a).
"United States". Section 400.9-103.
(3) The following definitions in other articles apply to this
article:
"Broker". Section 400.8-102.
"Certificated security". Section 400.8-102.
"Check". Section 400.3-104.
"Clearing corporation". Section 400.8-102.
"Contract for sale". Section 400.2-106.
"Control". Section 400.8-106.
"Delivery". Section 400.8-301.
"Entitlement holder". Section 400.8-102.
"Financial asset". Section 400.8-102.
"Holder in due course". Section 400.3-302.
"Note". Section 400.3-104.
"Sale". Section 400.2-106.
"Securities intermediary". Section 400.8-102.
"Security". Section 400.8-102.
"Security certificate". Section 400.8-102.
"Security entitlement". Section 400.8-102.
"Uncertificated security". Section 400.8-102.
(4) In addition article 1 contains general definitions and principles
of construction and interpretation applicable throughout this article.
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