HRS §490:9-104
When a lender controls a bank account
This section explains the four ways a lender can get control over a borrower's bank account for a loan. Control means the lender can direct the money without the borrower's permission. Even if the borrower can still use the account, the lender still has control.
borrowers
The statute, as written — Control of deposit account
(a) A secured party shall be deemed to have control of a deposit account if: (1) The secured party is the bank with which the deposit account is maintained; (2) 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; (3) The secured party becomes the bank's customer with respect to the deposit account; or (4) Another person, other than the debtor: (A) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or (B) Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party. (b) A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
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