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§ 9-104. Control of deposit account

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 9. Secured Transactions (Refs & Annos)
Subtitle 1. General Provisions (Refs & Annos)
MD Code, Commercial Law, § 9-104
§ 9-104. Control of deposit account
Currentness
(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 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) 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.

Credits

Added by Acts 1999, c. 282, § 2, eff. July 1, 2001. Amended by Acts 2001, c. 408, § 2, eff. July 1, 2001.
MD Code, Commercial Law, § 9-104, MD COML § 9-104
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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