(1) A person has control of a certificated security, uncertificated security or security entitlement as provided in ORS 78.1060.
(2) A secured party has control of a commodity contract if:
(a) The secured party is the commodity intermediary with which the commodity contract is carried; or
(b) 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.
(3) 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. [2001 c.445 §6]Section: Previous 79.0101 79.0102 79.0103 79.0104 79.0105 79.0106 79.0107 79.0108 79.0109 79.0110 79.0201 79.0202 79.0203 79.0204 79.0205 Next
Last modified: August 7, 2008