(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 Maryland Statutes
Title 9 - Secured Transactions
Subtitle 1 - General Provisions
Section 9-102 - Definitions and Index of Definitions
Section 9-103 - Purchase-Money Security Interest; Application of Payments; Burden of Establishing
Section 9-104 - Control of Deposit Account
Section 9-105 - Control of Electronic Chattel Paper
Section 9-106 - Control of Investment Property
Section 9-107 - Control of Letter-of-Credit Right
Section 9-108 - Sufficiency of Description
Section 9-110 - Security Interests Arising Under Title 2 or 2a