Ohio Rev. Code Ann. § 1309.104

Control of deposit account - UCC 9-104

Known as the Uniform Commercial Code

The act spans §§ 1309–1309 (136 sections).

Applied in 1 court decision — leading case In Re Verus Investment Management, LLC (2006)

Most recently applied in In Re Verus Investment Management, LLC (June 2006)

Effective: July 1, 2001; Latest Legislation: Senate Bill 74 - 124th General Assembly

(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 division (A) of this section has control of a deposit account, even if the debtor retains the right to direct the disposition of funds from the deposit account.

Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.