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(810 ILCS 5/9-104) (from Ch. 26, par. 9-104)
Sec. 9-104.
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;
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(2) the debtor, secured party, and bank have agreed
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| 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
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(3) the secured party becomes the bank's customer
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| with respect to the deposit account.
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(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.
(Source: P.A. 91-893, eff. 7-1-01.)
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