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North Dakota Century Code Title 41. Uniform Commercial Code § 41-09-04. (9-104) Control of deposit account or uncertificated certificate of deposit

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

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

a. The secured party is the bank with which the deposit account or uncertificated certificate of deposit 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 or uncertificated certificate of deposit without further consent by the debtor;

c. The secured party becomes the bank's customer with respect to the deposit account or uncertificated certificate of deposit; 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 or uncertificated certificate of deposit.

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Cite this article: FindLaw.com - North Dakota Century Code Title 41. Uniform Commercial Code § 41-09-04. (9-104) Control of deposit account or uncertificated certificate of deposit - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-41-uniform-commercial-code/nd-cent-code-sect-41-09-04/

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