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336.9-106 Control of investment property.

(a) Control under section 336.8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 336.8-106.

(b) Control of commodity contract. 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) Effect of control of securities account or commodity account. 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.

HIST: 2000 c 399 art 1 s 6

* NOTE: This section, as added by Laws 2000, chapter 399, *article 1, section 6, is effective July 1, 2001. Laws 2000, *chapter 399, article 1, section 130.

* NOTE: Minnesota Statutes 1998, section 336.9-106, which *reads as follows, is repealed July 1, 2001. Laws 2000, chapter *399, article 1, section 130.

* "336.9-106 Definitions; "account"; "general intangibles".

* "Account" means any right to payment for goods sold or *leased or for services rendered which is not evidenced by an *instrument or chattel paper whether or not it has been earned by *performance. "General intangibles" means any personal property *(including things in action) other than goods, accounts, chattel *paper, documents, instruments, investment property, rights to *proceeds of written letters of credit, and money. All rights *earned or unearned under a charter or other contract involving *the use or hire of a vessel and all rights incident to the *charter or contract are accounts."