Iowa Code § 554.9104: Control of deposit account.

1. A secured party has control of a deposit account if:

a. the secured party is the bank with which the deposit account is maintained;

b. 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 deposit account without further consent by the debtor;

c. the secured party becomes the bank’s customer with respect to the deposit account; or

d. another person, other than the debtor:

(1) has control of the deposit account and acknowledges that it has control on behalf of the secured party; or

(2) obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.

2. A secured party that has satisfied subsection 1 has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.