Iowa Code 554.9106 – Control of investment property
Terms Used In Iowa Code 554.9106
- Contract: A legal written agreement that becomes binding when signed.
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
1. Control under § 554.8106. A person has control of a certificated security,
uncertificated security, or security entitlement as provided in § 554.8106.
2. Control of commodity contract. A secured party has control of a commodity contract
if:
a. the secured party is the commodity intermediary with which the commodity contract
is carried; or
b. the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
3. Effect of control of securities account or commodity account. A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
2000 Acts, ch 1149, §6, 185, 187
Referred to in §554.9203, 554.9207, 554.9208, 554.9314, 554.9328, 554.9601