Colo. Rev. Stat. § 4-9-104

Current through Chapter 519 of the 2024 Legislative Session and Chapter 2 of the 2024 First Extraordinary Session
Section 4-9-104 - Control of deposit account
(a) 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 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;
(3) The secured party becomes the bank's customer with respect to the deposit account; or
(4) Another person, other than the debtor:
(A) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or
(B) Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.
(b) A secured party that has satisfied subsection (a) of this section has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.

C.R.S. § 4-9-104

Amended by 2023 Ch. 136,§ 43, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1328, § 1, effective July 1.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).