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Utah Code § 70A-9a-327

Priority of security interests in deposit account

Known as the Uniform Commercial Code

The act spans §§ 70–70 (293 sections).

Applied in 1 court decision — leading case Platte Valley Bank v. Tetra Financial Group, LLC (2012)

Most recently applied in Platte Valley Bank v. Tetra Financial Group, LLC (June 2012)

Enacted by Chapter 252, 2000 General Session

The following rules govern priority among conflicting security interests in the same deposit account:

(1) A security interest held by a secured party having control of the deposit account under Section 70A-9a-104 has priority over a conflicting security interest held by a secured party that does not have control.

(2) Except as otherwise provided in Subsections (3) and (4), security interests perfected by control under Section 70A-9a-314 rank according to priority in time of obtaining control.

(3) Except as otherwise provided in Subsection (4), a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.

(4) A security interest perfected by control under Subsection 70A-9a-104(1)(c) has priority over a security interest held by the bank with which the deposit account is maintained.

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