Control of deposit account.

NRS

104.9104

Control of deposit account.

1. A secured party has control of a deposit account if:

(a) The secured party is the bank with which the deposit account is maintained;

(b) The debtor, secured party and bank have agreed in a signed 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;

(c) The secured party becomes the bank’s customer with respect to the deposit account; or

(d) Another person, other than the debtor:

(1) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or

(2) Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.

2. A secured party that has satisfied subsection 1 has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.

(Added to NRS by 1999, 292 ; A 2001, 719 ; 2023, 3204 )