400.9-106. Control of investment property. - Missouri Statutes

Control of investment property.

400.9-106. (a) A person has control of a certificated security,uncertificated security, or security entitlement as provided in section400.8-106.

(b) A secured party has control of a commodity contract if:

(1) The secured party is the commodity intermediary with which thecommodity contract is carried; or

(2) The commodity customer, secured party, and commodity intermediaryhave agreed that the commodity intermediary will apply any valuedistributed on account of the commodity contract as directed by the securedparty without further consent by the commodity customer.

(c) A secured party having control of all security entitlements orcommodity contracts carried in a securities account or commodity accounthas control over the securities account or commodity account.

(L. 1963 p. 503 § 9-106, A.L. 1988 S.B. 583, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)

Effective 7-01-01