§12A-1-9-104. Control of deposit account.
191 words·~1 min read·
/ok/title-12a-uniform-commercial-code/12a-1-9-104·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CONTROL OF DEPOSIT ACCOUNT
(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 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;
(3)the secured party becomes the bank's customer with
respect to the deposit account; or
(4)another person, other than the debtor:
(A)has control of the deposit account and
acknowledges that it has control on behalf of the
secured party; or
(B)obtains control of the deposit account after
having acknowledged that it will obtain control
of the deposit account on behalf of the secured
party.
(b)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. Added by Laws 2000, c. 371, § 4, eff. July 1, 2001. Amended by Laws 2024, c. 13, § 43, eff. Nov. 1, 2024.