International Recognition of Electronic Transferable Records

Electronic transferable record General term including electronic equivalents of different title documents and negotiable instruments bills of lading, warehouse receipts, bills of exchange, promissory notes and any document or instrument considered sufficient evidence that the person in possession has the right to receive the goods or to receive them an amount of money; Common features of electronic transferable records, most notably electronic processing of transferable documents and instrument, and transferability, uniqueness, and controllability, and the UNCITRAL Model Law on Electronic Transferable Records does not aim at creating insofar regulations as it aims to create enabling rules that deal with the use of documents and instruments in an electronic environment.

The UNCITRAL Model Law on Electronic Transferable Records established a legal basis for the international recognition of national and foreign electronic transferable records, their equality with traditional authenticity documents and instruments, and emphasized that the electronic form or place where they were issued or used should not be relied upon affecting the legal validity or enforcement of such records, comparative legislation recognized the recognition of electronic transferable records.

It is hoped that the coming years will see countries adopting laws that follow the UNCITRAL Model Law for Electronic Transferable Records. As of the time of writing this article, there are seven countries that have issued specialized legislation regulating electronic transferable records whose texts include the recognition of electronic transferable records as a functional equivalent to transferable documents and instruments in addition to the recognition and non-denial of authenticity of foreign electronic transferable records; Because of its electronic form or because it is foreign.