70A-9a-304 - Law governing perfection and priority of security interests in deposit accounts. - Utah Statutes

70A-9a-304. Law governing perfection and priority of security interests in depositaccounts.
(1) The local law of a bank's jurisdiction governs perfection, the effect of perfection ornonperfection, and the priority of a security interest in a deposit account maintained with thatbank.
(2) The following rules determine a bank's jurisdiction for purposes of this part:
(a) If an agreement between the bank and the debtor governing the deposit accountexpressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part,this chapter, or this title, that jurisdiction is the bank's jurisdiction.
(b) If Subsection (2)(a) does not apply and an agreement between the bank and itscustomer governing the deposit account expressly provides that the agreement is governed by thelaw of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(c) If neither Subsection (2)(a) nor Subsection (2)(b) applies and an agreement betweenthe bank and its customer governing the deposit account expressly provides that the depositaccount is maintained at an office in a particular jurisdiction, that jurisdiction is the bank'sjurisdiction.
(d) If none of the preceding subsections applies, the bank's jurisdiction is the jurisdictionin which the office identified in an account statement as the office serving the customer's accountis located.
(e) If none of the preceding subsections applies, the bank's jurisdiction is the jurisdictionin which the chief executive office of the bank is located.

Enacted by Chapter 252, 2000 General Session