GroundRules
D.C. Code § 28:9-104: Control of deposit account.
Where this section sits in the code
- Title 28. Commercial Instruments and Transactions. [Enacted title]
- Subtitle I. Uniform Commercial Code.
- Article 9. Secured Transactions.
- Part I. General Provisions.
- Subpart 1. Short Title, Definitions, and General Concepts.
(a)
A secured party has control of a deposit account if:
(1)
The secured party is the bank with which the deposit account is maintained;
(2)
The debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the account without further consent by the debtor
(3)
The secured party becomes the bank’s customer with respect to the deposit account; or
(4)
Another person, other than the debtor:
(A)
Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or
(B)
Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.
(b)
A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
Collected 2026-08-29T05:44:07Z. Source file · JSON