§9-104. Control of deposit account

Link to law: http://legislature.vermont.gov/statutes/section/09A/009/00104
Published: 2015

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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.)
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