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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-106. Control of investment property

(a) A person has

control of a certificated security, uncertificated security, or security

entitlement as provided in section 8-106.

(b) A secured

party has control of a commodity contract if:

(1) the secured

party is the commodity intermediary with which the commodity contract is

carried; or

(2) the

commodity customer, secured party, and commodity intermediary have agreed that

the commodity intermediary will apply any value distributed on account of the

commodity contract as directed by the secured party without further consent by

the commodity customer.

(c) A secured

party having control of all security entitlements or commodity contracts

carried in a securities account or commodity account has control over the securities

account or commodity account. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July

1, 2001.)