Control of deposit account - UCC 9-104

Ohio Rev. Code Ann. § 1309.104, under Secured Transactions.

Ohio Rev. Code Ann. § 1309.104

Control of deposit account [UCC 9-104]

(A) 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 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;

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

(4) Another person other than the debtor:

(a) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or

(b) Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.

(B) A secured party that has satisfied division (A) of this section has control of a deposit account, even if the debtor retains the right to direct the disposition of funds from the deposit account.