2006 New York Code - Control Of Investment Property



 
  Section 9--106. Control of Investment Property.
    (a) Control   under   Section  8--106.  A  person  has  control  of  a
  certificated security, uncertificated security, or security  entitlement
  as provided in Section 8--106.
    (b) Control  of  commodity  contract. 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) Effect of control of securities account or  commodity  account.  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.

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