§ 9104. Control of deposit account.
(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 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) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
Cross References. Section 9104 is referred to in sections 9203, 9207, 9208, 9314, 9327, 9340, 9342, 9601, 9607 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 91 - General Provisions
Section 9101 - Short title of division
Section 9102 - Definitions and index of definitions
Section 9103 - Purchase-money security interest; application of payments; burden of establishing
Section 9104 - Control of deposit account
Section 9105 - Control of electronic chattel paper
Section 9106 - Control of investment property
Section 9107 - Control of letter-of-credit right
Section 9108 - Sufficiency of description
Section 9110 - Security interests arising under Division 2 or 2A