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Illinois Compiled Statutes

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Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

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810 ILCS 5/7-106

    (810 ILCS 5/7-106)
    Sec. 7-106. Control of electronic document of title.
    (a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
    (b) A system satisfies subsection (a), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:
        (1) a single authoritative copy of the document
    
exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
        (2) the authoritative copy identifies the person
    
asserting control as:
            (A) the person to which the document was issued;
        
or
            (B) if the authoritative copy indicates that the
        
document has been transferred, the person to which the document was most recently transferred;
        (3) the authoritative copy is communicated to and
    
maintained by the person asserting control 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 person asserting control;
        (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.
(Source: P.A. 95-895, eff. 1-1-09.)