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Session Laws, 1999
Volume 796, Page 2052   View pdf image
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(6) ANY REVISION OF THE AUTHORITATIVE COPY IS READILY
IDENTIFIABLE AS AN AUTHORIZED OR UNAUTHORIZED REVISION.

9-106. CONTROL OF INVESTMENT PROPERTY.

(A) A PERSON HAS CONTROL OF A CERTIFICATED SECURITY,
UNCERTIFICATED SECURITY, OR SECURITY ENTITLEMENT AS PROVIDED IN § 8-106
OF THIS ARTICLE.

(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.

9-107. CONTROL OF LETTER-OF-CREDIT RIGHT.

A SECURED PARTY HAS CONTROL OF A LETTER-OF-CREDIT RIGHT TO THE
EXTENT OF ANY RIGHT TO PAYMENT OR PERFORMANCE BY THE ISSUER OR ANY
NOMINATED PERSON IF THE ISSUER OR NOMINATED PERSON HAS CONSENTED TO
AN ASSIGNMENT OF PROCEEDS OF THE LETTER OF CREDIT UNDER § 5-114(C) OF THIS
ARTICLE OR OTHERWISE APPLICABLE LAW OR PRACTICE.

9-108. SUFFICIENCY OF DESCRIPTION.

(A) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTIONS (C), (D), AND (E), A
DESCRIPTION OF PERSONAL OR REAL PROPERTY IS SUFFICIENT, WHETHER OR NOT
IT IS SPECIFIC, IF IT REASONABLY IDENTIFIES WHAT IS DESCRIBED.

(B) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (D), A DESCRIPTION OF
COLLATERAL REASONABLY IDENTIFIES THE COLLATERAL IF IT IDENTIFIES THE
COLLATERAL BY:

(1) SPECIFIC LISTING;

(2) CATEGORY;

(3) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (E), A TYPE OF
COLLATERAL DEFINED IN TITLES 1 THROUGH 10 OF THIS ARTICLE;

(4) QUANTITY;

(5) COMPUTATIONAL OR ALLOCATIONAL FORMULA OR PROCEDURE; OR

 

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Session Laws, 1999
Volume 796, Page 2052   View pdf image
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