Electronic Transactions Act 2010 · 2020 Revised Edition · Part 2A · Electronic Transferable Records
16I. Requirement for possession or transfer of possession
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Where a rule of law requires the possession of a transferable document or instrument, or provides for certain consequences if a transferable document or instrument is not possessed, that requirement is met with respect to an electronic transferable record if a reliable method is used —
to establish exclusive control of that electronic transferable record by a person; and (b)to identify that person as the person in control.
Where a rule of law requires the transfer of possession of a transferable document or instrument, or provides for certain consequences if possession of a transferable document or instrument is not transferred, that requirement is met with respect to an electronic transferable record through the transfer of control over the electronic transferable record to another person in accordance with subsection (1).
transferable document or instrument
“transferable document or instrument” means a document or an instrument issued on paper that entitles the holder to claim the performance of the obligation indicated in the document or instrument and to transfer the right to performance of the obligation indicated in the document or instrument through the transfer of that document or instrument, and includes —(a)a bill of exchange;(b)a promissory note; and(c)a bill of lading.