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15 U.S.C. § 7021 — Transferable records
Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** For purposes of this section:
(1) **Transferable record** — The term “transferable record” means an electronic record that—
(A) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing;
(B) the issuer of the electronic record expressly has agreed is a transferable record; and
(C) relates to a loan secured by real property.
A transferable record may be executed using an electronic signature.
(2) **Other definitions** — The terms “electronic record”, “electronic signature”, and “person” have the same meanings provided in [section 7006 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7006&num=0&edition=prelim).
**(b) Control** 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) Conditions** A system satisfies subsection (b), 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 which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2) the authoritative copy identifies the person asserting control as—
(A) the person to which the transferable record was issued; or
(B) 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 cus
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Stable record: federal_law:legal_authorities:record_usc_789983fd6389db77a8e9dc8d
Source file: Laws/federal/codes/united-states-code/title-15/section-7021-transferable-records--b7b91aa300.md
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Source location: Title 15, Chapter 96, § 7021; chapter-096-electronic-signatures-in-global-and-national-commerce.md
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**(a) Definitions** For purposes of this section:
(1) **Transferable record** — The term “transferable record” means an electronic record that—
(A) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing;
(B) the issuer of the electronic record expressly has agreed is a transferable record; and
(C) relates to a loan secured by real property.
A transferable record may be executed using an electronic signature.
(2) **Other definitions** — The terms “electronic record”, “electronic signature”, and “person” have the same meanings provided in [section 7006 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7006&num=0&edition=prelim).
**(b) Control** 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) Conditions** A system satisfies subsection (b), 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 which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2) the authoritative copy identifies the person asserting control as—
(A) the person to which the transferable record was issued; or
(B) 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;
(5) 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
(6) any revision of the authoritative copy is readily identifiable as authorized or unauthorized.
**(d) Status as holder** Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in section 1–201(20) of the Uniform Commercial Code, of the transferable record and has the same rights and defenses as a holder of an equivalent record or writing under the Uniform Commercial Code, including, if the applicable statutory requirements under section 3–302(a), 9–308, or revised section 9–330 of the Uniform Commercial Code are satisfied, the rights and defenses of a holder in due course or a purchaser, respectively. Delivery, possession, and endorsement are not required to obtain or exercise any of the rights under this subsection.
**(e) Obligor rights** Except as otherwise agreed, an obligor under a transferable record has the same rights and defenses as an equivalent obligor under equivalent records or writings under the Uniform Commercial Code.
**(f) Proof of control** If requested by a person against which enforcement is sought, the person seeking to enforce the transferable record shall provide reasonable proof that the person is in control of the transferable record. Proof may include access to the authoritative copy of the transferable record and related business records sufficient to review the terms of the transferable record and to establish the identity of the person having control of the transferable record.
**(g) UCC references** For purposes of this subsection, all references to the Uniform Commercial Code are to the Uniform Commercial Code as in effect in the jurisdiction the law of which governs the transferable record.
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subchapter:
(1) **Consumer** — The term “consumer” means an individual who obtains, through a transaction, products or services which are used primarily for personal, family, or household purposes, and also means the legal representative of such an individual.
(2) **Electronic** — The term “electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
(3) **Electronic agent** — The term “electronic agent” means a computer program or an electronic or other automated means used independently to initiate an action or respond to electronic records or performances in whole or in part without review or action by an individual at the time of the action or response.
(4) **Electronic record** — The term “electronic record” means a contract or other record created, generated, sent, communicated, received, or stored by electronic means.
(5) **Electronic signature** — The term “electronic signature” means an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record.
(6) **Federal regulatory agency** — The term “Federal regulatory agency” means an agency, as that term is defined in [section 552(f) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section552/f&num=0&edition=prelim).
(7) **Information** — The term “information” means data, text, images, sounds, codes, computer programs, software, databases, or the like.
(8) **Person** — The term “person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, governmental agency, public corporation, or any o
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Federal law — U.S. Code and appendices · legal_authorities
Page 2309
TITLE 15—COMMERCE AND TRADE
§ 7021
on electronic commerce by that provision;
whether the benefits outweigh the burdens;
whether the absence of the procedure required
by section 7001(c)(1)(C)(ii) of this title would in-
crease the incidence of fraud directed against
consumers; and suggesting any revisions to the
provision deemed appropriate by the Secretary
and the Commission. In conducting this evalua-
tion, the Secretary and the Commission shall
solicit comment from the general public, con-
sumer representatives, and electronic commerce
businesses.
(Pub. L. 106–229, title I, § 105, June 30, 2000, 114
Stat. 471.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective Oct. 1, 2000, with exceptions relating
to record retention and certain loans, see section 107 of
Pub. L. 106–229, set out as a note under section 7001 of
this title.
§ 7006. Definitions
For purposes of this subchapter:
(1) Consumer
The term ‘‘consumer’’ means an individual
who obtains, through a transaction, products
or services which are used primarily for per-
sonal, family, or household purposes, and also
means the legal representative of such an indi-
vidual.
(2) Electronic
The term ‘‘electronic’’ means relating to
technology having electrical, digital, mag-
netic, wireless, optical, electromagnetic, or
similar capabilities.
(3) Electronic agent
The term ‘‘electronic agent’’ means a com-
puter program or an electronic or other auto-
mated means used independently to initiate
an action or respond to electronic records or
performances in whole or in part without re-
view or action by an individual at the time of
the action or response.
(4) Electronic record
The term ‘‘electronic record’’ means a con-
tract or other record created, generated, se
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