§ 62A.9A-104. Control of deposit account
(a) Requirements for control. 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) Debtor's right to direct disposition. A secured party that has satisfied subsection (a) of this section has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
[2001 c 32 § 17; 2000 c 250 § 9A-104.]
Notes:
Effective date -- 2001 c 32: See note following RCW 62A.9A-102.
Sections: Previous 62A.9A-101 62A.9A-102 62A.9A-103 62A.9A-104 62A.9A-105 62A.9A-106 62A.9A-107 62A.9A-108 62A.9A-109 62A.9A-110 62A.9A-201 62A.9A-202 62A.9A-203 62A.9A-204 62A.9A-205 Next
Last modified: April 7, 2009