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You are asking . . .

Q. What impact will the Revised Article 9 have on deposit accounts?

A. One of the most significant and intriguing revisions in the new UCC is its treatment of deposit accounts. As many of you are aware, Revised Article 9 allows for a security interest in most deposit accounts. It should be noted that perfection of this interest is only accomplished by control over the account. Control is automatic where the depository institution is the secured creditor. Rev. § 9-104. However, third party control occurs only where (1) the depository institution, with the consent of the debtor, agrees to abide by the instructions of the secured party as to the account control or (2) where the secured party becomes the depository institution's "customer" with respect to the account. Id.