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.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(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
|
|
(A) the person to which the document was issued;
|
|
(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.)
|