Tenn. Code Ann. § 47-9-104

Control of deposit account

Known as the Uniform Commercial Code

The act spans §§ 47-1-101 to 47-9-809 (578 sections).

Applied in 1 court decision — leading case Pro Page Partners, LLC v. Message Express Paging Co. (In Re Pro Page Partners, LLC) (2013)

Most recently applied in Pro Page Partners, LLC v. Message Express Paging Co. (In Re Pro Page Partners, LLC) (January 2013)

Acts 2000, ch. 846, § 1.

(1) Requirements for control. 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) 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.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.