(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 division (A) of this section has control of a deposit account, even if the debtor retains the right to direct the disposition of funds from the deposit account.
Effective Date: 07-01-2001
Section: Previous 1309.01-to-1309.50 1309.101 1309.102 1309.103 1309.104 1309.105 1309.106 1309.107 1309.108 1309.109 1309.110 1309.201 1309.202 1309.203 1309.204 NextLast modified: October 10, 2016