Common use of Uniform Electronic Transactions Act Clause in Contracts

Uniform Electronic Transactions Act. The Grantors authorize the Secured Party to (a) create electronic images and to destroy paper originals of any imaged documents (and any such images maintained by the Secured Party as a part of its normal business processes shall be given the same legal effect as the paper originals) and (b) convert any instrument into a “transferable record” under the Uniform Electronic Transactions Act (UETA), with the image of such instruments in the Secured Party’s possession constituting an “authoritative copy” under UETA.