Commercial Code - COM - COM § 9105.1

Summary

(a) A person has control of electronic money if each of the following conditions is satisfied: (1) The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person all of the follo

Text

(a)
A person has control of electronic money if each of the following conditions is satisfied:
(1)
The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person all of the following:
(A)
Power to avail itself of substantially all the benefit from the electronic money.
(B)
Exclusive power, subject to subdivision (b), to do both of the following:
(i)
Prevent others from availing
themselves of substantially all the benefit from the electronic money.
(ii)
Transfer control of the electronic money to another person or cause another person to obtain control of other electronic money as a result of the transfer of the electronic money.
(2)
The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded enables the person readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as having the powers under paragraph (1).
(b)
Subject to subdivision (c), a power is exclusive under clauses (i) and (ii) of subparagraph (B) of paragraph (1) of subdivision (a) even
if either of the following is true:
(1)
The electronic money, a record attached to or logically
associated with the electronic money, or a system in which the electronic money is recorded limits the use of the electronic money or has a protocol programmed to cause a change, including a transfer or loss of control.
(2)
The power is shared with another person.
(c)
A power of a person is not shared with another person under paragraph (2) of subdivision (b) and the person’s power is not exclusive if each of the following conditions is satisfied:
(1)
The person can exercise the power only if the power also is exercised by the other person.
(2)
Either of the following is true:
(A)
The
other person can exercise the power without exercise of the power by the person.
(B)
The other person is the transferor to the person of an interest in the electronic money.
(d)
If a person has the powers specified in clauses (i) and (ii) of subparagraph (B) of paragraph (1) of subdivision (a), the powers are presumed to be exclusive.
(e)
A person has control of electronic money if another person, other than the transferor to the person of an interest in the electronic money, satisfies either of the following conditions:
(1)
The other person has control of the electronic money and acknowledges that it has control on behalf of the person.
(2)
The other person obtains control of the electronic money after having acknowledged that it will obtain control of the electronic money on behalf of the person.

Retrieval chunks

• #1 | Commercial Code - COM - COM § 9105.1

  (a) A person has control of electronic money if each of the following conditions is satisfied: (1) The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person all of the following: (A) Power to avail itself of…

• #2

  The other person has control of the electronic money and acknowledges that it has control on behalf of the person. (2) The other person obtains control of the electronic money after having acknowledged that it will obtain control of the electronic money on behalf of the person.