§490:9-106 Control of investment property. (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 490:8-106.
(b) A secured party has control of a commodity contract if:
(1) The secured party is the commodity intermediary with which the commodity contract is carried; or
(2) The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. [L 2000, c 241, pt of §1]
Section: Previous 490-8-510 490-8-511 490-9-101-to-490-9-507 490-9-102 490-9-103 490-9-104 490-9-105 490-9-106 490-9-107 490-9-108 490-9-109 490-9-110 490-9-201 490-9-202 490-9-203 NextLast modified: October 27, 2016