TITLE XXXIV-A
UNIFORM COMMERCIAL CODE

CHAPTER 382-A
UNIFORM COMMERCIAL CODE

ARTICLE 9
SECURED TRANSACTIONS

Part 1
General Provisions

Short Title, Definitions, and General Concepts

Section 382-A:9-104

    382-A:9-104 Control of Deposit Account. –
(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) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.

Source. 2001, 102:25, eff. July 1, 2001. 2022, 281:51, eff. Jan. 1, 2023.