84-7-105. 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):
(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):
(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.
History: L. 2007, ch. 90, § 5; July 1, 2008.
KANSAS COMMENT, 1996
Article 7 treats warehouse receipts separately in Part 2 and bills of lading separately in Part 3. Warehouse receipts (84-1-102(45)) cover goods stored, while bills of lading (84-1-201(6)) cover receipts for goods received for shipment. Problems of interpretation may arise because the provisions are not identical. It may be, for example, that the common law covered a problem included in one part but not in the other. This section makes it clear that the omission of a provision from one part is not to be taken as an indication that the common law rule has been overturned. Rather, this section recognizes that it is inevitable, under many circumstances, that the two different types of documents of title cannot be, and many times must not be, treated alike.
Revisor's Note:
Former section 84-7-105 repealed by L. 2007, ch. 90, § 78 and the number reassigned to the current text.
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