Section 355.9-104 - [Effective 1/1/2025] Control of deposit account(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) of this section has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.Amended by 2024 Ky. Acts ch. TBD,§ 45, eff. 1/1/2025.Effective:7/1/2001
Repealed and reenacted 2000, Ky. Acts ch. 408, sec. 24, effective7/1/2001. -- Amended 1986 Ky. Acts ch. 118, sec. 56, effective 7/1/1987. -- Created 1958 Ky. Acts ch. 77, sec. 9-104, effective 7/1/1960.This section is set out more than once due to postponed, multiple, or conflicting amendments.