§490:9-104 Control of deposit account. (a) A secured party shall be deemed to have 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. [L 2000, c 241, pt of §1; am L 2023, c 132, §36]
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