2006 New York Code - Control Of Deposit Account

  Section 9--104. Control of Deposit Account.
    (a) Requirements for control. 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) 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.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.