(a) 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 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) 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.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 9 - Secured Transactions
Subpart 1 - Short Title, Definitions, and General Concepts
§ 4-9-102. Definitions and index of definitions
§ 4-9-103. Purchase-money security interest — Application of payments — Burden of establishing
§ 4-9-104. Control of deposit account
§ 4-9-105. Control of electronic chattel paper
§ 4-9-106. Control of investment property