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New Jersey Statutes, Title: 12A, COMMERCIAL TRANSACTIONS

    Chapter 7:

      Section: 12A:7-105: Reissuance in alternative medium.

          
12A:7-105. Reissuance in Alternative Medium.

a. Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:

(1) the person entitled under the electronic document surrenders control of the document to the issuer; and

(2) the tangible document when issued contains a statement that it is issued in substitution for the electronic document.

b. Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection a. of this section:

(1) the electronic document ceases to have any effect or validity; and

(2) the person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.

c. Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:

(1) the person entitled under the tangible document surrenders possession of the document to the issuer; and

(2) the electronic document when issued contains a statement that it is issued in substitution for the tangible document.

d. Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection c. of this section:

(1) the tangible document ceases to have any effect or validity; and

(2) the person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.

L.2013, c.65, s.2.

This section added to the Rutgers Database: 2013-06-22 15:31:04.






Older versions of 12a:7-105 (if available):



Court decisions that cite this statute: CLICK HERE.