400.9-104. Control of deposit account. - Missouri Statutes

Control of deposit account.

400.9-104. (a) A secured party has control of a deposit account if:

(1) The secured party is the bank with which the deposit account ismaintained;

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

(3) The secured party becomes the bank's customer with respect to thedeposit account.

(b) A secured party that has satisfied subsection (a) has control,even if the debtor retains the right to direct the disposition of fundsfrom the deposit account.

(L. 1963 p. 503 § 9-104, A.L. 1988 S.B. 583, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)

Effective 7-01-01