§ 8.9A-106 Control of investment property
a. Control under § 8.8A-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in § 8.8A-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.
History
This law was first created in 1996. The record of its establishment is cataloged in chapter 216 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2000, chapter 1007.
1996, c. 216, §§ 8.8-106, 8.9-115; 2000, c. 1007.