§ 25-9-104. Control of deposit account. - North Carolina Statutes

§25‑9‑104.  Control of deposit account.

(a)        Requirements forcontrol. – A secured party has control of a deposit account if:

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

(2)        The debtor, securedparty, and bank have agreed in an authenticated record that the bank willcomply with instructions originated by the secured party directing dispositionof the funds in the deposit account without further consent by the debtor; or

(3)        The secured partybecomes the bank's customer with respect to the deposit account.

(b)        Debtor's right todirect disposition. – A secured party that has satisfied subsection (a) of thissection has control, even if the debtor retains the right to direct thedisposition of funds from the deposit account. (1965, c. 700, s. 1; 1975, c.862, s. 7; 1999‑73, s. 5(a), (b); 2000‑169, s. 1.)