Colorado § 4-9-104 Control of deposit account

Colorado Statutes

§ 4-9-104 — Control of deposit account

Colorado·Title 04 Uniform·Art. Secured Transactions

(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 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 se

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(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 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) of this section has
control, even if the debtor retains the right to direct the disposition of funds from
the deposit account.

Colorado § 4-9-104 (Control of deposit account) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2001: Entire article R&RE, p. 1328, � 1, effective July 1. L. 2023: (a)(2) and (a)(3) amended and (a)(4) added, (SB 23-090), ch. 136, p. 544, � 43, effective August 7.