Indiana § 26-1-9.1-104 Control of deposit account

Indiana Statutes

§ 26-1-9.1-104 — Control of deposit account

Indiana § 26-1-9.1-104

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-104 (Control of deposit account) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-9.1-104 (2026).

Text

(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 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 sa

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