13 Pa. C.S. § 9104

Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 9104 - 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 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;
(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.

13 Pa.C.S. § 9104

Amended by P.L. (number not assigned at time of publication) 2024 No. 41,§ 17, eff. 8/30/2024.
2001, June 8, P.L. 123, No. 18, § 16, effective 7/1/2001.