ORS 77.1050
Reissuance in alternative medium
(1)
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:(a)
The person entitled under the electronic document surrenders control of the document to the issuer; and(b)
The tangible document when issued contains a statement that it is issued in substitution for the electronic document.(2)
Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (1) of this section:(a)
The electronic document ceases to have any effect or validity; and(b)
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.(3)
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:(a)
The person entitled under the tangible document surrenders possession of the document to the issuer; and(b)
The electronic document when issued contains a statement that it is issued in substitution for the tangible document.(4)
Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (3) of this section:(a)
The tangible document ceases to have any effect or validity; and(b)
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. [1961 c.726 §77.1050 (Reissuance in alternative medium); 2009 c.181 §53]
Source:
Section 77.1050 — Reissuance in alternative medium, https://www.oregonlegislature.gov/bills_laws/ors/ors077.html.
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