Article 16 - Perfection by Control: Bank Accounts

(1) A Security Interest in a Bank Account may be perfected by the Secured Party having control of the Bank Account.
(2) A Secured Party has control of a Bank Account if:
(A) the Bank itself is the Secured Party;
(B) the Debtor, Secured Party and the Bank have entered into a written agreement that the Bank will comply with instructions originated by the Secured Party directing disposition of the funds in the Bank Account without further consent by the Debtor; or
(C) the Secured Party, with the written agreement of the Bank and the Debtor, becomes the account holder, whether solely or jointly with any other Person (including the Debtor).
(3) A Secured Party may have control under this Article even if the Debtor retains the right to dispose of funds in the Bank Account.
(4) A Bank need not enter into a written control agreement with a Secured Party even if the Debtor directs it to do so. A Bank which has entered into a written control agreement must confirm the existence of the agreement to another Person if required to do so by the Debtor.