§ 34.1-3-901 — Deposited instrument

(a) For purposes of this Part 9 a "deposited instrument"
is an instrument which is:
(i) In the custody of a registered clearing
corporation, another clearing corporation, a foreign clearing
corporation, a custodian bank, a foreign custodian bank or a
nominee of any of them subject to the instructions of the
registered clearing corporation;
(ii) Payable to bearer or indorsed in blank by an
appropriate person or is payable to the order of the registered
clearing corporation, another clearing corporation, a foreign
clearing corporation, a custodian bank, a foreign custodian bank
or a nominee of any of them subject to the instructions of the
registered clearing corporation; and
(iii) Shown on the books of the registered clearing
corporation in the account of a party having a contractual
relationship with the registered clearing corporation as a user
or participant.
(b) For purposes of this Part 9 the registered clearing
corporation "having control of a deposited instrument" is the
registered clearing corporation on whose books it is shown as
provided in subsection (a)(iii) of this section.