§ 6A-9-104 - Control of deposit account. - Rhode-island Statutes

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Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-104

SECTION 6A-9-104

§ 6A-9-104 Control of deposit account.– (a) Requirements for control. A secured party has control of a depositaccount if:

(1) the secured party is the bank with which the depositaccount is maintained;

(2) the debtor, secured party, and bank have agreed in anauthenticated record that the bank will comply with instructions originated bythe secured party directing disposition of the funds in the deposit accountwithout further consent by the debtor; or

(3) the secured party becomes the bank's customer withrespect to the deposit account.

(b) Debtor's right to direct disposition. A securedparty that has satisfied subsection (a) has control, even if the debtor retainsthe right to direct the disposition of funds from the deposit account.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-104

SECTION 6A-9-104

§ 6A-9-104 Control of deposit account.– (a) Requirements for control. A secured party has control of a depositaccount if:

(1) the secured party is the bank with which the depositaccount is maintained;

(2) the debtor, secured party, and bank have agreed in anauthenticated record that the bank will comply with instructions originated bythe secured party directing disposition of the funds in the deposit accountwithout further consent by the debtor; or

(3) the secured party becomes the bank's customer withrespect to the deposit account.

(b) Debtor's right to direct disposition. A securedparty that has satisfied subsection (a) has control, even if the debtor retainsthe right to direct the disposition of funds from the deposit account.

State Codes and Statutes

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State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-9 > 6a-9-104

SECTION 6A-9-104

§ 6A-9-104 Control of deposit account.– (a) Requirements for control. A secured party has control of a depositaccount if:

(1) the secured party is the bank with which the depositaccount is maintained;

(2) the debtor, secured party, and bank have agreed in anauthenticated record that the bank will comply with instructions originated bythe secured party directing disposition of the funds in the deposit accountwithout further consent by the debtor; or

(3) the secured party becomes the bank's customer withrespect to the deposit account.

(b) Debtor's right to direct disposition. A securedparty that has satisfied subsection (a) has control, even if the debtor retainsthe right to direct the disposition of funds from the deposit account.