2006 Ohio Revised Code - 1309.342. (UCC 9-342) Bank\'s right to refuse to enter into or disclose existence of control agreement.
§ 1309.342. (UCC 9-342) Bank's right to refuse to enter into or disclose existence of control agreement.
This chapter does not require a bank to enter into an agreement of the kind described in division (A)(2) of
section 1309.104 of the Revised Code, even if its customer so requests or directs. A bank that has entered into an agreement of the kind described in division (A)(2) of that section is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.
HISTORY: 149 v S 74. Eff 7-1-2001.
The effective date is set by section 4 of SB 74.
Official Comment
1. Source. New; derived from section 8-106(g).
2. Protection for Bank. This section protects banks from the need to enter into agreements against their will and from the need to respond to inquiries from persons other than their customers.
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