Can you summarize IACO 554.9104?

Short Summary

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 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 c.the secured party becomes the banks customer with respect to the deposit account. 2.Debtors 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 Referred to in 554.9203, 554.9207, 554.9208, 554.9314, 554.9327, 554.9340, 554.9342, 554.9601, 554.9607

Jurisdiction

Iowa

Source

• Banking