NRS 104.9104 Control of deposit account.

166 words·~1 min read·/nv/chapter-104-uniform-commercial-code-original-articles/104-9104

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. A secured party has control of a deposit account if:

(a)The secured party is the bank with which the deposit account is maintained;

(b)The debtor, secured party and bank have agreed in a signed 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;

(c)The secured party becomes the bank’s customer with respect to the deposit account; or

(d)Another person, other than the debtor:

(1)Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or

(2)Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.

2. A secured party that has satisfied subsection 1 has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.