Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/9-104

    (810 ILCS 5/9-104) (from Ch. 26, par. 9-104)
    (Text of Section before amendment by P.A. 103-1036)
    Sec. 9-104. Control of deposit account.

(a) Requirements for control.  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 an authenticated 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; or

(3) the secured party becomes the bank's customer

with respect to the deposit account.

(b) Debtor's right to direct disposition.  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: P.A. 91-893, eff. 7-1-01.)

    (Text of Section after amendment by P.A. 103-1036)
    Sec. 9-104. Control of deposit account.
    (a) Requirements for control. 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) Debtor's right to direct disposition. 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: P.A. 103-1036, eff. 1-1-25.)