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Article 12: Controllable Electronic Records

Article 12 creates a new category of personal property called "controllable electronic records" (CERs), defined as "a record stored in an electronic medium that can be subjected to control." This definition has three essential components: (1) "Record" - information that is stored in a medium and retrievable in perceivable form; (2) "Electronic" - technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities; and (3) "Control" - the ability to avail oneself of substantially all the benefit from the electronic record, prevent others from availing themselves of substantially all the benefit, and transfer both previous powers to another person. The concept of control is central to Article 12 and functions similarly to possession of tangible goods in traditional property law.