New Mexico Statutes
§ 55-9-104 — Control of deposit account
(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
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Legislative History
1978 Comp., § 55-9-104, enacted by Laws 2001, ch. 139, § 4; 2023, ch. 142, §
Nearby Sections
15
§ 55-1-101
Short titles§ 55-1-102
Scope of article§ 55-1-104
Construction against implicit repeal§ 55-1-105
Severability§ 55-1-106
Use of singular and plural; gender§ 55-1-107
Section captions§ 55-1-109
Repealed§ 55-1-110
Repealed§ 55-1-201
General definitions§ 55-1-202
Notice; knowledge§ 55-1-204
Value§ 55-1-205
Reasonable time; seasonableness