Business and IT Glossary  > Authoritative Copies

Authoritative Copies

In the digital world, original e-signed notes and contracts are known as authoritative copies, and must be unique, original copies to prove which lender or investor has the right to receive the proceeds of the loan or lease and so that they are not duplicated for fraud.

Authoritative copies are legally recognized by the ESIGN and UETA laws, as well as Article 9 of the Uniform Commercial Code (9-105). ESIGN and UETA apply to notes used in mortgages and other note-based loans, while 9-105 applies to the financing of goods, including automobiles and equipment, with financing e-contracts sometimes referred to as e-contracts or e-chattel.

The legal requirements for authoritative copies were created to ensure that e-notes and e-contracts can be stored and maintained as unique, original copies, and that they can be assigned, transferred, and generally managed while maintaining legal control by the rightful owner of the loans or leases.