California Commercial Code 9341 – Except as otherwise provided in subdivision (c) of Section 9340, and …
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Except as otherwise provided in subdivision (c) of Section 9340, and unless the bank otherwise agrees in a signed record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by any of the following:
(1) The creation, attachment, or perfection of a security interest in the deposit account.
Terms Used In California Commercial Code 9341
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bank: means a person engaged in the business of banking, and includes a savings bank, savings and loan association, credit union, and trust company. See California Commercial Code 1201
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See California Commercial Code 1201
- Security interest: includes any interest of a consignor and a buyer of accounts, chattel paper, a payment intangible, or a promissory note in a transaction that is subject to Division 9 (commencing with Section 9101). See California Commercial Code 1201
(2) The bank’s knowledge of the security interest.
(3) The bank’s receipt of instructions from the secured party.
(Amended by Stats. 2023, Ch. 210, Sec. 55. (SB 95) Effective January 1, 2024.)