Section 7--105. Reissuance in Alternative Medium.\n (a) Upon request of a person entitled under an electronic document of\ntitle, the issuer of the electronic document may issue a tangible\ndocument of title as a substitute for the electronic document if:\n (1) the person entitled under the electronic document surrenders\ncontrol of the document to the issuer; and\n (2) the tangible document when issued contains a statement that it is\nissued in substitution for the electronic document.\n (b) Upon issuance of a tangible document of title in substitution for\nan electronic document of title in accordance with subsection (a):\n (1) the electronic document ceases to have any effect or validity; and\n (2) the person that procured issuance of the tangible document\nwarrants to all subsequent persons entitled under the tangible document\nthat the warrantor was a person entitled under the electronic document\nwhen the warrantor surrendered control of the electronic document to the\nissuer.\n (c) Upon request of a person entitled under a tangible document of\ntitle, the issuer of the tangible document may issue an electronic\ndocument of title as a substitute for the tangible document if:\n (1) the person entitled under the tangible document surrenders\npossession of the document to the issuer; and\n (2) the electronic document when issued contains a statement that it\nis issued in substitution for the tangible document.\n (d) Upon issuance of an electronic document of title in substitution\nfor a tangible document of title in accordance with subsection (c):\n (1) the tangible document ceases to have any effect or validity; and\n (2) the person that procured issuance of the electronic document\nwarrants to all subsequent persons entitled under the electronic\ndocument that the warrantor was a person entitled under the tangible\ndocument when the warrantor surrendered possession of the tangible\ndocument to the issuer.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.