ANSI X9.103-2004 pdf download Motor Vehicle Retail Sale and Lease Electronic Contracting
6.3 Role of the Dealer The Dealer is the seller/creditor in the case of a retail installment sale and the lessor in the case of a lease. When Chattel Paper is originated, the Dealer is the owner of the Chattel Paper and not a Secured Party with respect to the Chattel Paper. If the Dealer elects to assign the Chattel Paper to an assignee, the Dealer becomes a debtor with respect to the Chattel Paper and the assignee becomes a Secured Party with respect to the Chattel Paper. In the case of Electronic Chattel Paper, if the Dealer elects to retain ownership of the Electronic Chattel Paper, the steps to take control of Electronic Chattel Paper, as outlined in this clause 6, are not necessary, but failure to take the steps to control the Electronic Chattel Paper from its creation may affect an assignee’s ability to establish control of the Electronic Chattel Paper in the future.
6.4 Purchases of Chattel Paper and Security Interests in Chattel Paper For purposes of this standard, the term “assignment” includes both the purchase of Chattel Paper and the taking of a security interest in Chattel Paper. A Secured Party that purchases Chattel Paper or takes a security interest in Chattel Paper is referred to as the assignee and the Dealer or Secured Party that sells Chattel Paper or grants a security interest in Chattel Paper is referred to as the assignor.
6.5 Use of Agents or Third-Party Service Providers Wherever this standard references an act to be taken by a person or organization, this standard does not preclude, to the extent permitted by applicable law, the use of agents or third-party service providers to accomplish the act. The fact that certain sections of this standard specifically reference the use of agents or third- party service providers is not intended to preclude the use of agents or third-party service providers in other sections.
6.6 Systems or Procedures for Establishing Control of Electronic Chattel Paper The systems or procedures used to meet the requirements set forth in this standard for establishing control of Electronic Chattel Paper may include technical solutions, business practices, system rules, or any combination of the foregoing. Security of the Authoritative Copy is important in meeting the requirements of this standard. See Informative Annex B for a discussion of general security principles and guidelines that may be considered to meet the
ANSI X9.103-2004 pdf download
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