The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
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 of this section 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 that 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 an authorized or unauthorized revision.