Sec. 42a-9-106. Control of investment property.
Sec. 42a-9-106. Control of investment property. (a) A person has control of a
certificated security, uncertificated security or security entitlement as provided in section 42a-8-106.
(b) A secured party has control of a commodity contract if:
(1) The secured party is the commodity intermediary with which the commodity
contract is carried; or
(2) The commodity customer, secured party and commodity intermediary have
agreed that the commodity intermediary will apply any value distributed on account of
the commodity contract as directed by the secured party without further consent by the
commodity customer.
(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities
account or commodity account.
(1959, P.A. 133, S. 9-106; P.A. 76-369, S. 12; P.A. 96-198, S. 23; P.A. 97-182, S. 54; P.A. 01-132, S. 6.)
History: P.A. 76-369 redefined "account" to specify right to payment "whether or not it has been earned by performance",
deleted definition of "contract right", redefined "general intangibles" to include money and added provision re charter or
contract involving use or hire of vessel; P.A. 96-198 redefined "general intangibles" to exclude "rights to proceeds of
written letters of credit"; P.A. 97-182 redefined "general intangibles" to exclude investment property; P.A. 01-132 replaced
former provisions defining "account" and "general intangibles" with provisions re when a person or secured party has
control of investment property.