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Iowa Code Title XIII. Commerce [Chs. 505-554D] § 554.9104. Control of deposit account

Current as of January 01, 2024 | Updated by FindLaw Staff

1. Requirements for control. 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 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

c. the secured party becomes the bank's customer with respect to the deposit account.

2. Debtor's right to direct disposition. 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.

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Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 554.9104. Control of deposit account - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-554-9104/

Read this complete Iowa Code Title XIII. Commerce [Chs. 505-554D] § 554.9104. Control of deposit account on Westlaw

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