Control of electronic chattel paper.
F.S. 679.1051
in effect(1)
A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.
(2)
A system satisfies subsection (1) if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that:
(a)
A single authoritative copy of the record or records exists which is unique, identifiable, and, except as otherwise provided in paragraphs (d)-(f), unalterable;
(b)
The authoritative copy identifies the purchaser as the assignee of the record or records;
(c)
The authoritative copy is communicated to and maintained by the purchaser or its designated custodian;
(d)
Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser;
(e)
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
(f)
Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
(3)
A system satisfies subsection (1), and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:
(a)
Enables the purchaser to readily identify each electronic copy as either an authoritative copy or a nonauthoritative copy;
(b)
Enables the purchaser to readily identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the assignee of the authoritative electronic copy; and
(c)
Gives the purchaser exclusive power, subject to subsection (4), to:
1.
Prevent others from adding or changing an identified assignee of the authoritative electronic copy; and
2.
Transfer control of the authoritative electronic copy.
(4)
Subject to subsection (5), a power is exclusive under subparagraphs (3)(c)1. and 2. even if:
(a)
The authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or
(b)
The power is shared with another person.
(5)
A power of a purchaser is not shared with another person as provided in paragraph (4)(b) and the purchaser’s power is not exclusive if:
(a)
The purchaser can exercise the power only if the power also is exercised by the other person; and
(b)
The other person:
1.
Can exercise the power without exercise of the power by the purchaser; or
2.
Is the transferor to the purchaser of an interest in the chattel paper.
(6)
If a purchaser has the powers specified in subparagraphs (3)(c)1. and 2., the powers are presumed to be exclusive.
(7)
A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper:
(a)
Has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or
(b)
Obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.
Source: FL Statutes (Official Site)URL: https://www.flsenate.gov/Laws/Statutes/2025/Chapter679/AllFetched: 7/8/2026