Washington Code 62A.9A-104 – Control of deposit account
Current as of: 2023 | Check for updates
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(a) Requirements for control. A secured party has control of a deposit account if:
Terms Used In Washington Code 62A.9A-104
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) The secured party is the bank with which the deposit account is maintained;
(2) 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
(3) The secured party becomes the bank’s customer with respect to the deposit account.
(b) Debtor’s right to direct disposition. A secured party that has satisfied subsection (a) of this section has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
[ 2001 c 32 § 17; 2000 c 250 § 9A-104.]
NOTES:
Effective date—2001 c 32: See note following RCW 62A.9A-102.
PDFRCW 62A.9A-104
Control of deposit account. (Effective January 1, 2024.)
(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:
(A) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or
(B) 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) of this section has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
[ 2023 c 266 § 902; 2001 c 32 § 17; 2000 c 250 § 9A-104.]
NOTES:
Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.
Effective date—2001 c 32: See note following RCW 62A.9A-102.