§490:9-104 Control of deposit account. (a) A secured party has control of a deposit account if:
(1) The secured party is the bank with which the deposit account is maintained;
(2) The debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or
(3) The secured party becomes the bank's customer with respect to the deposit account.
(b) A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account. [L 2000, c 241, pt of §1]
Section: Previous 490-8-508 490-8-509 490-8-510 490-8-511 490-9-101-to-490-9-507 490-9-102 490-9-103 490-9-104 490-9-105 490-9-106 490-9-107 490-9-108 490-9-109 490-9-110 490-9-201 NextLast modified: October 27, 2016