SECTION 679.1041. Control of deposit account.

Latest version.

1(1) 2A secured party has control of a deposit account if:
12(a) 13The secured party is the bank with which the deposit account is maintained;
26(b) 27The debtor, secured party, and bank have agreed in an authenticated 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; or
67(c) 68The secured party becomes the bank’s customer with respect to the deposit account.
81(2) 82A 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.

History.-s. 1, ch. 2001-198.

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