Ark. Code Ann. § 4-9-104

Control of deposit account

Known as the Uniform Commercial Code

The act spans §§ 4–4 (597 sections).

Applied in 2 court decisions — leading case 79 Ark. App. 100 - Nef v. Ag Services of America, Inc. (2002)

Most recently applied in Beal Bank, S.S.B. v. Fewell (In Re Fewell) (October 2006)

Acts 2001, No. 1439, § 1.

(1) A secured party has control of a deposit account if: 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.

(4) 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.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.