§ 336.12-102 — Definitions
Plain-Language Summary
This section defines key terms for Article 12, including "controllable electronic record," "qualifying purchaser," "transferable record," and "value." A controllable electronic record is a record stored in an electronic medium that can be subjected to control under section 336.12-105, and the term excludes things like deposit accounts, electronic money, investment property, and transferable records. It also adopts certain definitions from Article 9 and the general definitions and principles in Article 1.
336.12-102 DEFINITIONS.
(a) Article 12 definitions. In this article:
(1) “Controllable electronic record” means a record stored in an electronic medium that can be subjected to control under section 336.12-105. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record.
(2) “Qualifying purchaser” means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.
(3) “Transferable record” has the meaning provided for that term in:
(A) Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act, United States Code, title 15, section 7021(a)(1), as amended; or
(B) section 325L.16, paragraph (a).
(4) “Value” has the meaning provided in section 336.3-303(a), as if references in that subsection to an “instrument” were references to a controllable account, controllable electronic record, or controllable payment intangible.
(b) Definitions in Article 9. The definitions in article 9 of “account debtor”, “controllable account”, “controllable payment intangible”, “chattel paper”, “deposit account”, “electronic money”, and “investment property” apply to this article.
(c) Article 1 definitions and principles. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.
History:
History: History:
2024 c 93 art 10 s 2