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PARRIS N. GLENDENING, Governor
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Ch. 8
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(G) (1) IF A PERSON IS AWARE THAT AN ELECTRONIC RECORD
PURPORTEDLY SENT UNDER SUBSECTION (A) OF THIS SECTION, OR PURPORTEDLY
RECEIVED UNDER SUBSECTION (B) OF THIS SECTION, WAS NOT ACTUALLY SENT OR
RECEIVED, THE LEGAL EFFECT OF THE SENDING OR RECEIPT IS DETERMINED BY
OTHER APPLICABLE LAW.
(2) EXCEPT TO THE EXTENT ALLOWED BY THE OTHER LAW, THE
REQUIREMENTS OF THIS SUBSECTION MAY NOT BE VARIED BY AGREEMENT.
21-115. TRANSFERABLE RECORDS.
(A) IN THIS SECTION, "TRANSFERABLE RECORD" MEANS AN ELECTRONIC
RECORD THAT:
(1) WOULD BE A NOTE UNDER TITLE 3 OF THIS ARTICLE OR A
DOCUMENT UNDER TITLE 7 OF THIS ARTICLE IF THE ELECTRONIC RECORD WERE IN
WRITING; AND
(2) THE ISSUER OF THE ELECTRONIC RECORD EXPRESSLY HAS AGREED
IS A TRANSFERABLE RECORD.
(B) A PERSON HAS CONTROL OF A TRANSFERABLE RECORD IF A SYSTEM
EMPLOYED FOR EVIDENCING THE TRANSFER OF INTERESTS IN THE TRANSFERABLE
RECORD RELIABLY ESTABLISHES THAT PERSON AS THE PERSON TO WHICH THE
TRANSFERABLE RECORD WAS ISSUED OR TRANSFERRED.
(C) A SYSTEM EMPLOYED FOR EVIDENCING THE TRANSFER OF INTERESTS IN
THE TRANSFERABLE RECORD SATISFIES SUBSECTION (B) OF THIS SECTION, AND A
PERSON IS DEEMED TO HAVE CONTROL OF A TRANSFERABLE RECORD, IF THE
TRANSFERABLE RECORD IS CREATED, STORED, AND ASSIGNED IN SUCH A MANNER
THAT:
(1) A SINGLE AUTHORITATIVE COPY OF THE TRANSFERABLE RECORD
EXISTS THAT IS UNIQUE, IDENTIFIABLE, AND, EXCEPT AS OTHERWISE PROVIDED IN
ITEMS (4), (5), AND (6) OF THIS SUBSECTION, UNALTERABLE,
(2) THE AUTHORITATIVE COPY IDENTIFIES THE PERSON ASSERTING
CONTROL AS:
(I) THE PERSON TO WHICH THE TRANSFERABLE RECORD WAS
ISSUED; OR
(II) IF THE AUTHORITATIVE COPY INDICATES THAT THE
TRANSFERABLE RECORD HAS BEEN TRANSFERRED, THE PERSON TO WHICH THE
TRANSFERABLE RECORD WAS MOST RECENTLY TRANSFERRED;
(3) THE AUTHORITATIVE COPY IS COMMUNICATED TO AND MAINTAINED
BY THE PERSON ASSERTING CONTROL OR ITS DESIGNATED CUSTODIAN;
(4) COPIES OR REVISIONS THAT ADD OR CHANGE AN IDENTIFIED
ASSIGNEE OF THE AUTHORITATIVE COPY CAN BE MADE ONLY WITH THE CONSENT
OF THE PERSON ASSERTING CONTROL;
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- 53 -
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