- securities account control agreement
USAThe agreement in which a debtor (known as the entitlement holder), secured party and securities intermediary maintaining the securities account have agreed that the securities intermediary will comply with instructions (known as entitlement orders) originated by the secured party without further consent by the debtor (UCC §8-106(d)). The securities account control agreement enables the secured party to obtain control over the security entitlement, and therefore the securities account, and so enables its security interest in the securities account to be perfected (UCC §9-106). It is an example of a collateral document (collateral documents) entered into by a debtor to secure obligations under a loan agreement.For further information, see Practice Note, UCC Perfection of Investment Property (www.practicallaw.com/8-382-3067).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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