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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-327. Priority of security interests in deposit account

The following

rules govern priority among conflicting security interests in the same deposit

account:

(1) A security

interest held by a secured party having control of the deposit account under section

9-104 has priority over a conflicting security interest held by a secured party

that does not have control.

(2) Except as

otherwise provided in paragraphs (3) and (4), security interests perfected by

control under section 9-314 rank according to priority in time of obtaining

control.

(3) Except as

otherwise provided in paragraph (4), a security interest held by the bank with

which the deposit account is maintained has priority over a conflicting

security interest held by another secured party.

(4) A security

interest perfected by control under section 9-104(a)(3) has priority over a

security interest held by the bank with which the deposit account is

maintained. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)