Ask Reggi Your Question Now
Can you summarize NHRS 382-A:9-104?
UNIFORM COMMERCIAL CODE > Control of Deposit Account.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the control of deposit accounts. It outlines the requirements for a secured party to have control over a deposit account. Control can be established if the secured party is the bank where the account is maintained, if there is a signed agreement between the debtor, secured party, and bank allowing the secured party to direct the disposition of funds without further consent from the debtor, if the secured party becomes the bank’s customer regarding the deposit account, or if another person has control of the account and acknowledges it on behalf of the secured party. The document also clarifies that even if the debtor retains the right to direct the disposition of funds, a secured party that satisfies the requirements has control. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Secured parties, debtors, banks
What does it govern?
Control of Deposit Account
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire