This section defines key terms used in Chapter 12, including controllable electronic record, qualifying purchaser, transferable record, and value.
§12-102. Definitions (a) Chapter 12 definitions. In this Chapter: (1) "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under R.S. 10:12-105. 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, or a transferable record. The term also does not include 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. (2) "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. (3) "Transferable record" has the meaning provided for that term in: (A) Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7021(a)(1), as amended; or (B) R.S. 9:2616(A). (4) "Value" has the meaning provided in R.S. 10:3-303(a), 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 Chapter 9. The definitions provided in Chapter 9 of this Title of "account debtor", "controllable account", "controllable payment intangible", "chattel paper", "deposit account", and "investment property" apply to this Chapter. (c) Chapter 1 definitions and principles. Chapter 1 of this Title contains general definitions and principles of construction and interpretation applicable throughout this Chapter. Acts 2024, No. 773, §1.