* Section 9--105A. Control of Electronic Money.\n (a) General rule: control of electronic money. A person has control of\nelectronic money if:\n (1) the electronic money, a record attached to or logically associated\nwith the electronic money, or a system in which the electronic money is\nrecorded gives the person:\n (A) power to avail itself of substantially all the benefit from the\nelectronic money; and\n (B) exclusive power, subject to subsection (b), to:\n (i) prevent others from availing themselves of substantially all the\nbenefit from the electronic money; and\n (ii) transfer control of the electronic money to another person or\ncause another person to obtain control of other electronic money as a\nresult of the transfer of the electronic money; and\n (2) the electronic money, a record attached to or logically associated\nwith the electronic money, or a system in which the electronic money is\nrecorded enables the person readily to identify itself in any way,\nincluding by name, identifying number, cryptographic key, office, or\naccount number, as having the powers under paragraph (1).\n (b) Meaning of exclusive. Subject to subsection (c), a power is\nexclusive under subsection (a)(1)(B)(i) and (ii) even if:\n (1) the electronic money, a record attached to or logically associated\nwith the electronic money, or a system in which the electronic money is\nrecorded limits the use of the electronic money or has a protocol\nprogrammed to cause a change, including a transfer or loss of control;\nor\n (2) the power is shared with another person.\n (c) When power not shared with another person. A power of a person is\nnot shared with another person under subsection (b)(2) and the person's\npower is not exclusive if:\n (1) the person can exercise the power only if the power also is\nexercised by the other person; and\n (2) the other person:\n (A) can exercise the power without exercise of the power by the\nperson; or\n (B) is the transferor to the person of an interest in the electronic\nmoney.\n (d) Presumption of exclusivity of certain powers. If a person has the\npowers specified in subsection (a)(1)(B)(i) and (ii), the powers are\npresumed to be exclusive.\n (e) Control through another person. A person has control of electronic\nmoney if another person, other than the transferor to the person of an\ninterest in the electronic money:\n (1) has control of the electronic money and acknowledges that it has\ncontrol on behalf of the person; or\n (2) obtains control of the electronic money after having acknowledged\nthat it will obtain control of the electronic money on behalf of the\nperson.\n * NB Effective June 3, 2026\n
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