Section 45.29.106. Control of investment property.

   (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in AS 45.08.106.
   (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.

Authorities

45.29.208;45.29.314;45.29.328

Notes

References

AS 45.29.208 Additional duties of secured party having control of collateral.
AS 45.29.314 Perfection by control.
AS 45.29.328 Priority of security interests in investment property.

History

(Sec. 1 ch 113 SLA 2000)