New Jersey § 12A:9-304 Law governing perfection and priority of security interests in deposit accounts.

New Jersey Statutes

§ 12A:9-304 — Law governing perfection and priority of security interests in deposit accounts.

New Jersey § 12A:9-304

Title 12ACOMMERCIAL TRANSACTIONS

This text of New Jersey § 12A:9-304 (Law governing perfection and priority of security interests in deposit accounts.) 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:9-304 (2026).

Text

12A:9-304. Law Governing Perfection and Priority of Security Interests in Deposit Accounts.

(a)Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank.

(b)Bank's jurisdiction. The following rules determine a bank's jurisdiction for purposes of this part:

(1)If an agreement between the bank and its customer governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part, this chapter, or the Uniform Commercial Code, that jurisdiction is the bank's jurisdiction.

(2)If paragraph (1) does not apply and an agreement between the bank and its customer governi

Free access — add to your briefcase to read the full text and ask questions with AI

12A:9-304. Law Governing Perfection and Priority of Security Interests in Deposit Accounts. (a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank. (b) Bank's jurisdiction. The following rules determine a bank's jurisdiction for purposes of this part: (1) If an agreement between the bank and its customer governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part, this chapter, or the Uniform Commercial Code, that jurisdiction is the bank's jurisdiction. (2) If paragraph (1) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction. (3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction. (4) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located. (5) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located. L.2001, c.117, s.1; amended 2001, c.386, s.20.