Tennessee Statutes
§ 47-9-104 — Control of deposit account
Tennessee·Title 47
(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.
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Legislative History
Acts 2000, ch. 846, § 1.
Nearby Sections
15
§ 47-1-101
Short title§ 47-1-102
Scope of chapter§ 47-1-104
Construction against implied repeal§ 47-1-105
Severability§ 47-1-106
Use of singular and plural - Gender§ 47-1-201
General definitions§ 47-1-202
Notice - Knowledge§ 47-1-204
Value§ 47-1-205
Reasonable time - Seasonableness§ 47-1-206
Presumptions§ 47-1-302
Variation by agreement