DecisionDepot
California legal research

Texas Business & Commerce Code

§ 9.106 — CONTROL OF INVESTMENT PROPERTY

BC § 9.106Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. A. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS

Statute text

View on source
(a)A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 8.106.
(b)A secured party has control of a commodity contract if:
(1)the secured party is the commodity intermediary with which the commodity contract is carried; or
(2)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 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.

Legislative history

Amended by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.

Source: Texas Business & Commerce Code § 9.106 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.