57A-9-106 Control of security, security settlement, or commodity contract.
Control of security, security settlement, or commodity contract.
(a) A person has
control of a certificated security, uncertificated security, or security entitlement as provided in § 57A-8-106.
(b) A secured party has control of a commodity contract if:
The secured party is the commodity intermediary with which the commodity contract is
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
(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
Source: SL 2000, ch 231.