70A-9a-106 - Control of investment property.
70A-9a-106. Control of investment property.
(1) A person has control of a certificated security, uncertificated security, or securityentitlement as provided in Section 70A-8-105.
(2) A secured party has control of a commodity contract if:
(a) the secured party is the commodity intermediary with which the commodity contractis carried; or
(b) the commodity customer, secured party, and commodity intermediary have agreedthat the commodity intermediary will apply any value distributed on account of the commoditycontract as directed by the secured party without further consent by the commodity customer.
(3) A secured party having control of all security entitlements or commodity contractscarried in a securities account or commodity account has control over the securities account orcommodity account.
Enacted by Chapter 252, 2000 General Session