Iowa Code 554.9107A – Control of controllable account, controllable electronic record, or controllable payment intangible
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1.
Control under section 554.14105.
A secured party has control of a controllable electronic record as provided in section 554.14105.
Terms Used In Iowa Code 554.9107A
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- Controllable account: means an account evidenced by a controllable electronic record that provides that the account debtor undertakes to pay a person that under the uniform commercial code has control of the controllable electronic record. See Iowa Code 554E.1
- Controllable electronic record: means an electronic record that can be subjected to control under any applicable article of the uniform commercial code. See Iowa Code 554E.1
- Controllable payment intangible: means a payment intangible evidenced by a controllable electronic record that provides that the account debtor undertakes to pay a person that under any applicable article of the uniform commercial code has control of the controllable electronic record. See Iowa Code 554E.1
- Electronic: means the same as defined in section 554D. See Iowa Code 554E.1
- Electronic record: means the same as defined in section 554D. See Iowa Code 554E.1
- Payment intangible: means the same as defined in section 554. See Iowa Code 554E.1
2.
Control of controllable account and controllable payment intangible.
A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible.