Section 6A-9-104 - Control of deposit account(a) Requirements for control. 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 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; (3) the secured party becomes the bank's customer with respect to the deposit account; or(4) Another person, other than the debtor: (i) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or(ii) Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.(b) Debtor's right to direct disposition. 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.R.I. Gen. Laws § 6A-9-104
Amended by 2024 Pub. Laws, ch. 66,§ 9, eff. 6/10/2024.Amended by 2024 Pub. Laws, ch. 65,§ 9, eff. 6/10/2024. P.L. 2000 , ch. 182, § 6; P.L. 2000 , ch. 420, § 6.