New Jersey Statutes
§ 12A:9-104 — Control of deposit account.
New Jersey·Title 12A COMMERCIAL TRANSACTIONS
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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Nearby Sections
15
§ 12A:9-101
Short title§ 12A:9-102
Definitions and index of definitions.§ 12A:9-104
Control of deposit account.§ 12A:9-105
Control of electronic chattel paper.§ 12A:9-106
Control of investment property.§ 12A:9-107
Control of letter-of-credit right§ 12A:9-108
Sufficiency of description.§ 12A:9-109
Scope.§ 12A:9-201
General effectiveness of security agreement.§ 12A:9-202
Title to collateral immaterial§ 12A:9-204
After-acquired property, future advances.