Current through codified legislation effective September 18, 2024
Section 28:9-104 - Control of deposit account(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 a signed record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the account without further consent by the debtor; (3) The secured party becomes the bank's customer with respect to the deposit account; or(4) Another person, other than the debtor: (A) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or(B) Obtains control of the deposit account after acknowledged that it will obtain control of the deposit account on behalf of the secured party.(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.Amended by D.C. Law 25-158,§ 2, 71 DCR 002265, eff. 4/20/2024.Oct. 26, 2000, D.C. Law 13-201, § 101, 47 DCR 7576.