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New Jersey Statutes Title 12A. Commercial Transactions 12A § 9-104

Current as of February 19, 2021 | Updated by FindLaw Staff

 (a) Requirements for control.  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 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

(3) the secured party becomes the bank's customer with respect to the deposit account.

 (b) Debtor's right to direct disposition.  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.

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Cite this article: FindLaw.com - New Jersey Statutes Title 12A. Commercial Transactions 12A § 9-104 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-12a-commercial-transactions/nj-st-sect-12a-9-104/

Read this complete New Jersey Statutes Title 12A. Commercial Transactions 12A § 9-104 on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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