Tribal Law Gateway  | Turtle Mountain Band of Chippewa Indians of North Dakota | Collection | Turtle Mountain Band of Chippewa Indians Tribal Code. | Title 24 Commercial Code | Chapter 24.42 Secured Transactions | 24.42.040 Control of Deposit Account or Uncertified Certificate of Deposit

Turtle Mountain Band of Chippewa Indians of North Dakota - Tribal Law

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Turtle Mountain Band of Chippewa Indians Tribal Code.

24.42.040 Control of Deposit Account or Uncertified Certificate of Deposit

(a) A secured party has control of a deposit account or uncertificated certificate of deposit if:

(1) The secured party is the bank with which the deposit account or uncertificated certificate of deposit 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 or uncertificated certificate of deposit without further consent by the debtor; or

(3) The secured party becomes the bank's customer with respect to the deposit account or uncertificated certificate of deposit.

(b) 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 or uncertificated certificate of deposit.

Original url: /us/nsn/tmchippewa/council/code/24.42.040

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