§ 25-9-106. Control of investment property.
§25‑9‑106. Control of investment property.
(a) Control under G.S.25‑8‑106. A person has control of a certificated security,uncertificated security, or security entitlement as provided in G.S. 25‑8‑106.
(b) Control ofcommodity contract. A secured party has control of a commodity contract if:
(1) The secured party isthe commodity intermediary with which the commodity contract is carried; or
(2) The commoditycustomer, secured party, and commodity intermediary have agreed that thecommodity intermediary will apply any value distributed on account of thecommodity contract as directed by the secured party without further consent bythe commodity customer.
(c) Effect of controlof securities account or commodity account. A secured party having control ofall security entitlements or commodity contracts carried in a securitiesaccount or commodity account has control over the securities account orcommodity account. (1945, c. 196, s. 1; 1957, c. 504; 1965, c. 700, s. 1;1967, c. 562, s. 1; 1975, c. 862, s. 7; 1997‑181, s. 4; 1999‑73, s.7; 2000‑169, s. 1.)