Florida Statute 679.1041 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 679
UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS

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679.1041 Control of deposit account.—

(1) A secured party has control of a deposit account if any of the following applies:

(a) The secured party is the bank with which the deposit account is maintained.

(b) The debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor.

(d) Another person, other than the debtor:

1. Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or

2. Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.

(2) A secured party that has satisfied subsection (1) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.

History.—s. 1, ch. 2001-198; s. 70, ch. 2025-92.

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Amendments to 679.1041

Annotations, Discussions, Cases:

Cases Citing Statute 679.1041

Total Results: 2 | Sort by: Relevance | Newest First

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Brown v. Master Fin., Inc. (In Re Brown), 311 B.R. 282 (Bankr. M.D. Fla. 2004).

Cited 3 times | Published | United States Bankruptcy Court, M.D. Florida | 17 Fla. L. Weekly Fed. B 215, 2004 Bankr. LEXIS 904, 2004 WL 1490312

...ghts in the collateral to a secured party; and (c) One of the following conditions is met: 4. The collateral is deposit accounts [3] , electronic chattel paper, investment property, or letter-of-credit rights, and the secured party has control under s. 679.1041, s. 679.1051, s. 679.1061, or s. 679.1071 pursuant to the debtor's security agreement. Section 679.1041 defines control of a deposit account. 679.1041....

...Plaintiff points out that Master: 1) would be expected to hold the funds in a depository institution pursuant to Paragraph 2 of the mortgage, 2) would have control over the disposition of the funds to pay taxes and insurance at the appropriate time, and 3) would be the customer of the bank pursuant to § 679.1041 since it would have established the escrow account....

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In re Tuscany Energy, LLC, 561 B.R. 910 (Bankr. S.D. Fla. 2016).

Published | United States Bankruptcy Court, S.D. Florida. | 2016 Bankr. LEXIS 4546, 63 Bankr. Ct. Dec. (CRR) 155

...a control agreement among the secured creditor, the bank, and the debtor, requiring the bank to comply with the secured creditor’s instructions, or (c) the secured creditor must be the bank’s customer with regard to the account. Florida Statutes § 679.1041....

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. For legal consultation, call 904-383-7448.