Iowa Code § 554.9104
Control of deposit account
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2026
As of January 1, 2012
1. Requirements for control. A secured party has control of a deposit account if:
1. Requirements for control. A secured party has control of a deposit account if:
a. the secured party is the bank with which the deposit account is maintained;
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
b. the debtor, secured party, and bank have agreed in a signed 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;
c. the secured party becomes the bank’s customer with respect to the deposit account.
c. the secured party becomes the bank’s customer with respect to the deposit account; or
d. another person, other than the debtor:
(1) has control of the deposit account and acknowledges that it has control on behalf of the secured party; or
(2) obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.
2. Debtor’s right to direct disposition. 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.
2. Debtor’s right to direct disposition. 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.
Referred to in
Effective July 1, 2001; 2000 Acts, ch 1149, §187; former section repealed effective July 1, 2001; 2000 Acts, ch 1149, §185, 187; for law prior to July 1, 2001, see Code 2001
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.