RCW 62A.9A-104
216 words·~1 min read·
/wa/title-62a/chapter-62a-9a/62a-9a-104·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 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)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.
[ 2023 c 266 s 902 ; 2001 c 32 s 17 ; 2000 c 250 s 9A-104.]
Notes:
Construction — Effective date — 2023 c 266: See notes following RCW 62A.12-101 .
Effective date — 2001 c 32: See note following RCW 62A.9A-102 .