Current through the 2024 Legislative Session
Section 57A-9-104 - 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) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account. SL 2000, ch 231; SL 2024, ch 198, §44.Amended by S.L. 2024, ch. 198,s. 44, eff. 7/1/2024.