There Is a Newer Version
of
the Pennsylvania Consolidated Statutes
2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 91 - General Provisions
Section 9104 - Control of deposit account
§ 9104. 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.
Cross References. Section 9104 is referred to in sections
9203, 9207, 9208, 9314, 9327, 9340, 9342, 9601, 9607 of this
title.
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