Tex. Business & Commerce Code § 9.106
This is the official text of Tex. Business & Commerce Code § 9.106, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
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§ 9.106. CONTROL OF INVESTMENT PROPERTY.
Official statutory text
(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 8.106.
(b) 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) 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.
(b) 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) 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.
Status: in_force · Read it on the official government site
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