(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;
(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
(c) The secured party becomes the bank’s customer with respect to the deposit account.
(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.
History.—s. 1, ch. 2001-198.
Structure Florida Statutes
Title XXXIX - Commercial Relations
Chapter 679 - Uniform Commercial Code: Secured Transactions
Part I - General Provisions (Ss. 679.1011-679.1101)
679.1021 - Definitions and index of definitions.
679.1031 - Purchase-money security interest; application of payments; burden of establishing.
679.1041 - Control of deposit account.
679.1051 - Control of electronic chattel paper.
679.1061 - Control of investment property.
679.1071 - Control of letter-of-credit right.
679.1081 - Sufficiency of description.
679.1101 - Security interests arising under chapter 672 or chapter 680.