California Commercial Code

§ 9304

COM § 9304 Effective Jan 1, 2024Div. 9 · Ch. 3

Statute text

(a)The local law of a bank’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the bank’s jurisdiction.

(b)The following rules determine a bank’s jurisdiction for purposes of this chapter:

(1)If an agreement between the bank and its customer governing the deposit account expressly provides that a particular jurisdiction is the bank’s jurisdiction for purposes of this chapter, this division, or this code, that jurisdiction is the bank’s jurisdiction.

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Legislative history

Amended by Stats. 2023, Ch. 210, Sec. 37. (SB 95) Effective January 1, 2024.