8.9A-106 - A-106. Control of investment property. - Virginia Statutes

§ 8.9A-106. Control of investment property.

(a) Control under § 8.8A-106. A person has control of a certificatedsecurity, uncertificated security, or security entitlement as provided in §8.8A-106.

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

(1) the secured party is the commodity intermediary with which the commoditycontract is carried; or

(2) the commodity customer, secured party, and commodity intermediary haveagreed that the commodity intermediary will apply any value distributed onaccount of the commodity contract as directed by the secured party withoutfurther consent by the commodity customer.

(c) Effect of control of securities account or commodity account. A securedparty having control of all security entitlements or commodity contractscarried in a securities account or commodity account has control over thesecurities account or commodity account.

(1996, c. 216, §§ 8.8-106, 8.9-115; 2000, c. 1007.)