S.C. Code Ann. § 36-9-106

Control of investment property

Known as the Uniform Commercial Code

The act spans §§ 36–36 (519 sections).

Applied in 1 court decision — leading case Flowers v. United States (In Re Flowers) (1986)

Most recently applied in Flowers v. United States (In Re Flowers) (January 1986)

1962 Code SECTION 10.9-106; 1966 (54) 2716; 1988 Act No. 494, SECTION 5; 2001 Act No. 67, SECTION 12.

(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 36-8-106.

(b) A secured party has control of a commodity contract if:

(1) the secured party is the commodity intermediary with which the commodity contract is carried; or

(2) the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.

(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.