57A-9-104. Control of deposit account.(a) A secured party has control of a deposit account if:(1)The secured party is the bank with which the deposit account is maintained;(2)The debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor;(3)The secured party becomes the bank's customer with respect to the deposit account; or(4)Another person, other than the debtor:(A)Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or(B)Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.(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. Source: SL 2000, ch 231; SL 2024, ch 198, §44.
South Dakota Legal Code