Section 9-1104 - [Effective 7/1/2025] 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: (i) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or(ii) 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. [2001, c. 286, §1(AMD).]
Amended by 2024, c. 669,§ A-84, eff. 7/1/2025.1999, c. 699, §A2 (NEW) . 1999, c. 699, §A4 (AFF) . 2001, c. 286, § 1 (AMD) .This section is set out more than once due to postponed, multiple, or conflicting amendments.