New York § 9-304 Law Governing Perfection and Priority of Security Interests in Deposit Accounts

New York Statutes

§ 9-304 — Law Governing Perfection and Priority of Security Interests in Deposit Accounts

New York § 9-304

JurisdictionNew York

Law UCCUniform Commercial Code

Part 3Perfection and Priority

Subpart 1Law Governing Perfection and Priority

Art. 9Secured Transactions

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Bluebook

N.Y. Uniform Commercial Code § 9-304 (2026).

Text

Section 9--304. Law Governing Perfection and Priority of Security\n                  Interests in Deposit Accounts.\n  * (a) Law of bank's jurisdiction governs. The local law of a bank's\njurisdiction governs perfection, the effect of perfection or\nnonperfection, and the priority of a security interest in a deposit\naccount maintained with that bank.\n  * NB Effective until June 3, 2026\n  * (a) Law of bank's jurisdiction governs. The local law of a bank's\njurisdiction governs perfection, the effect of perfection or\nnonperfection, and the priority of a security interest in a deposit\naccount maintained with that bank even if the transaction does not bear\nany relation to the bank's jurisdiction.\n  * NB Effective June 3, 2026\n  (b) Bank's jurisdiction. The following rules determine a b

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Section 9--304. Law Governing Perfection and Priority of Security\n Interests in Deposit Accounts.\n * (a) Law of bank's jurisdiction governs. The local law of a bank's\njurisdiction governs perfection, the effect of perfection or\nnonperfection, and the priority of a security interest in a deposit\naccount maintained with that bank.\n * NB Effective until June 3, 2026\n * (a) Law of bank's jurisdiction governs. The local law of a bank's\njurisdiction governs perfection, the effect of perfection or\nnonperfection, and the priority of a security interest in a deposit\naccount maintained with that bank even if the transaction does not bear\nany relation to the bank's jurisdiction.\n * NB Effective June 3, 2026\n (b) Bank's jurisdiction. The following rules determine a bank's\njurisdiction for purposes of this part:\n (1) If an agreement between the bank and its customer governing\n the deposit account expressly provides that a particular\n jurisdiction is the bank's jurisdiction for purposes of this\n part, this article, or this chapter, that jurisdiction is the\n bank's jurisdiction.\n (2) If paragraph (1) does not apply and an agreement between the\n bank and its customer governing the deposit account expressly\n provides that the agreement is governed by the law of a\n particular jurisdiction, that jurisdiction is the bank's\n jurisdiction.\n (3) If neither paragraph (1) nor paragraph (2) applies and an\n agreement between the bank and its customer governing the\n deposit account expressly provides that the deposit account\n is maintained at an office in a particular jurisdiction, that\n jurisdiction is the bank's jurisdiction.\n (4) If none of the preceding paragraphs apply, the bank's\n jurisdiction is the jurisdiction in which the office\n identified in an account statement as the office serving the\n customer's account is located.\n (5) If none of the preceding paragraphs apply, the bank's\n jurisdiction is the jurisdiction in which the chief executive\n office of the bank is located.\n