(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 4-8-106.
(b) A secured party has control of a commodity contract if:
The secured party is the commodity intermediary with which the commodity contractis carried; or
The commodity customer, secured party, and commodity intermediary have agreedthat 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 customer.
(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 account.
Source: L. 2001: Entire article R&RE, p. 1329, § 1, effective July 1.
Editor's note: The provisions of this section are similar to former §§ 4-9-115 (e) and 48-106 as they existed prior to 2001.