13 Pa. C.S. § 12102

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 12102 - Definitions

(a) Definitions.--In this division:

"Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under section 12105 (relating to control of controllable electronic record). The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, investment property, a transferable record or an electronic record that is currently authorized or adopted by a domestic or foreign government and is not a medium of exchange that was recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by a government.

"Qualifying purchaser" means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.

"Transferable record" has the meaning provided for that term in:

(1) Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act (Public Law 106-229, 15 U.S.C. § 7021(a)(1)); or

(2) Section 312(f) of the act of December 16, 1999 (P.L.971, No.69), known as the Electronic Transactions Act.

"Value" has the meaning provided in section 3303(a)(relating to value and consideration), as if references in that subsection to an "instrument" were references to a controllable account, controllable electronic record or controllable payment intangible.

(b) Definitions in Division 9.--The definitions in Division 9 (relating to secured transactions) of "account debtor," "chattel paper," "controllable account," "controllable payment intangible," "deposit account" and "investment property" apply to this division.

(c)Definitions and principles in Division 1.--Division 1 (relating to general provisions) contains general definitions and principles of construction and interpretation applicable throughout this division.

13 Pa.C.S. § 12102

Added by P.L. (number not assigned at time of publication) 2024 No. 41,§ 36, eff. 8/30/2024.