554.9104  Control of deposit account.
  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 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; 
  c.  the secured party becomes the bank’s customer with respect to the deposit account; or
  d.  another person, other than the debtor:
  (1)  has control of the deposit account and acknowledges that it has control on behalf of the secured party; or
  (2)  obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.
  2.  Debtor’s 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; 2024 Acts, ch 1023, §42
Referred to in §554.9107B, 554.9203, 554.9207, 554.9208, 554.9314, 554.9327, 554.9340, 554.9342, 554.9601, 554.9607
Subsection 1 amended