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§ 9-304. Law governing perfection and priority of security interests in deposit accounts

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 9. Secured Transactions (Refs & Annos)
Subtitle 3. Perfection and Priority (Refs & Annos)
MD Code, Commercial Law, § 9-304
§ 9-304. Law governing perfection and priority of security interests in deposit accounts
Currentness
(a) The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank.
(b) The following rules determine a bank's jurisdiction for purposes of this subtitle:
(1) If an agreement between the bank and its customer governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this subtitle, this title, or Titles 1 through 10 of this article, that jurisdiction is the bank's jurisdiction.
(2) If paragraph (1) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(4) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.
(5) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.

Credits

Added by Acts 1999, c. 282, § 2, eff. July 1, 2001. Amended by Acts 2003, c. 372, § 1, eff. June 1, 2003.
MD Code, Commercial Law, § 9-304, MD COML § 9-304
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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