41-09-04. (9-104) Control of deposit account or uncertificated certificate of deposit
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ND Code › Title 41 › Chapter 41-09 › Section 41-09-04
Text
41-09-04. (9-104) Control of deposit account or uncertificated certificate of deposit
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.
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.