2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 93 - Perfection and Priority
Section 9304 - Law governing perfection and priority of security interests in deposit accounts

     § 9304.  Law governing perfection and priority of security
                interests in deposit accounts.
        (a)  Law of bank's jurisdiction governs.--The local law of a
     bank's jurisdiction governs perfection, the effect of perfection
     or nonperfection and the priority of a security interest in a
     deposit account maintained with that bank.
        (b)  Bank's jurisdiction.--The following rules determine a
     bank's jurisdiction for purposes of this chapter:
            (1)  If an agreement between the bank and its customer
        governing the deposit account expressly provides that a
        particular jurisdiction is the bank's jurisdiction for
        purposes of this chapter or this division, that jurisdiction
        is the bank's jurisdiction.
            (2)  If paragraph (1) does not apply and an agreement
        between the bank and its customer governing the deposit
        account expressly provides that the agreement is governed by
        the law of a particular jurisdiction, that jurisdiction is
        the bank's jurisdiction.
            (3)  If neither paragraph (1) nor paragraph (2) applies
        and an agreement between the bank and its customer governing
        the deposit account expressly provides that the deposit
        account is maintained at an office in a particular
        jurisdiction, that jurisdiction is the bank's jurisdiction.
            (4)  If none of the preceding paragraphs applies, the
        bank's jurisdiction is the jurisdiction in which the office
        identified in an account statement as the office serving the
        customer's account is located.
            (5)  If none of the preceding paragraphs applies, the
        bank's jurisdiction is the jurisdiction in which the chief
        executive office of the bank is located.
     (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)

        2008 Amendment.  Act 13 amended subsec. (b)(1).
        Cross References.  Section 9304 is referred to in section
     9301 of this title.