§ 6A-9-106 - Control of investment property. - Rhode Island Statutes

SECTION 6A-9-106

   § 6A-9-106  Control of investment property.– (a) Control under § 6A-8-106. A person has control of acertificated security, uncertificated security, or security entitlement asprovided in § 6A-8-106.

   (b) Control of commodity contract. A secured party hascontrol of a commodity contract if:

   (1) The secured party is the commodity intermediary withwhich the commodity contract is carried; or

   (2) The commodity customer, secured party, and commodityintermediary have 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) Effect of control of securities account or commodityaccount. A secured party having control of all security entitlements orcommodity contracts carried in a securities account or commodity account hascontrol over the securities account or commodity account.