Control of deposit account.

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 a signed 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; c. the secured party becomes the bank’s customer with respect to the deposit account; 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. 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. 2000 Acts, ch 1149, §4, 185, 187 ; 2024 Acts, ch 1023, §42 Referred to in §554.9107B , 554.9203 , 554.9207 , 554.9208 , 554.9314 , 554.9327 , 554.9340 , 554.9342 , 554.9601 , 554.9607