Maine Revised Statutes Title 11 Sec. 9-1104 – Control of deposit account
Current as of: 2023 | Check for updates
|
Other versions
(1). A secured party has control of a deposit account if:
(a). The secured party is the bank with which the deposit account is maintained; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The debtor, secured party and bank have agreed in an authenticated 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; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). The secured party becomes the bank’s customer with respect to the deposit account. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
Terms Used In Maine Revised Statutes Title 11 Sec. 9-1104
- Account: includes health-care-insurance receivables. See Maine Revised Statutes Title 11 Sec. 9-1102
- Bank: includes savings banks, savings and loan associations, credit unions and trust companies. See Maine Revised Statutes Title 11 Sec. 9-1102
- Debtor: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Maine Revised Statutes Title 11 Sec. 9-1102 Secured party: means :
(2). A secured party that has satisfied subsection (1) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
[PL 2001, c. 286, §1 (AMD).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2001, c. 286, §1 (AMD).