New Jersey § 12A:9-104 Control of deposit account.

New Jersey Statutes

§ 12A:9-104 — Control of deposit account.

New Jersey § 12A:9-104

Title 12ACOMMERCIAL TRANSACTIONS

This text of New Jersey § 12A:9-104 (Control of deposit account.) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 12A:9-104 (2026).

Text

12A:9-104. Control of Deposit Account.

(a)Requirements for control. 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 deposit account without further consent by the debtor; or (3) the secured party becomes the bank's customer with respect to the deposit account.

(b)Debtor's right to direct disposition. 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. L.2001, c.117, s.1; amended 2001, c.386, s.3.

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12A:9-104. Control of Deposit Account. (a) Requirements for control. 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 deposit account without further consent by the debtor; or (3) the secured party becomes the bank's customer with respect to the deposit account. (b) Debtor's right to direct disposition. 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. L.2001, c.117, s.1; amended 2001, c.386, s.3.