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The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
009
:
Secured Transactions
§
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 an authenticated record that the bank
will comply with instructions originated by the secured party directing
disposition of the funds in the account without further consent by the debtor;
or
(3) the secured
party becomes the bank's customer with respect to the deposit account.
(b) A secured
party that has satisfied subsection (a) of this section has control, even if
the debtor retains the right to direct the disposition of funds from the
deposit account. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)