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The debtor`s receiver argued that the lender had not been perfected in the sub-accounts or deposit guarantee because the sub-accounts had been separated from the main deposit account and had not been explicitly identified in the control agreement. The trustee also stated that the sub-accounts were deposit accounts and not security accounts. Since deposit accounts would need to be refined by control under a control agreement and could not be refined by filing a financing statement, the lender`s financing statement presented at the time of loan closing does not improve the lender`s security in the sub-accounts. The trustee`s argument that the sub-accounts were deposit accounts and not custodian accounts was based in part on the use of the sub-accounts to hold cash and not exclusively to hold securities. Schwab may provide links from a Schwab Service to other third-party websites or electronic service providers that are not affiliated with Schwab. Schwab has no control over such other websites or services, and Schwab makes no representations or endorsements of such websites or services. The fact that Schwab has provided a link to a website is not an endorsement, authorization, sponsorship or affiliation with respect to that website, its owners or suppliers. The use of information, software, services or products found on the Internet carries risks, and Schwab warns you to ensure that you understand these risks before accessing, using, relying on or purchasing anything on the Internet. You agree that in no event shall you hold Schwab liable for any loss or damage caused by the use of or reliance on any content, goods or services available on other websites. It is your responsibility to choose (or change) the cost accounting method appropriate to your tax situation.

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The court held that the sub-accounts in this case were custodian accounts and that a deposit account does not become a deposit account simply because the account contains money. Although the sub-accounts were not described in the parties` control agreement, the court ruled on the facts that the lender in the sub-accounts was nevertheless sophisticated. On the basis of its conclusion that the sub-accounts were depositary accounts, the Court found that the sub-accounts were included in the scope of the `investment property` within the meaning of the UCC and therefore in the description of the `investment property` in the lender`s financing statement. Therefore, although the control agreement was not instrumental in maintaining perfection in the sub-accounts, the collateral described in the lender`s financing statement contained the sub-accounts. The case highlights several important considerations related to obtaining and maintaining a sophisticated hedging interest in certain bank or brokerage accounts. As the Court noted in its opinion, it would be desirable to amend the control agreement if a lender`s security right in a deposit account or deposit account is refined on the basis of a control agreement, if sub-accounts are subsequently created to ensure the continued perfection of the sub-accounts. In that case, if the court had concluded that the sub-accounts were deposit accounts rather than custodian accounts, the lender`s financing statement would not have applied to the deposit account and would not have “saved” the perfection of the lender`s security. A change in the control agreement could have avoided a loss of perfection if the sub-accounts in question had been designated as deposit accounts. It is also important to note that the development of a securities interest in a deposit account through “control” takes precedence over a security right that is only perfected by filing. Thus, modifying a control agreement to account for changes in a deposit account could not only maintain a creditor`s perfection in the account, but also its primacy over another creditor taking control of the account. The case also reflects the potential benefit of filing a funding declaration to protect “belts and shoulder straps” with a control agreement.

When you deposit cheques into your Schwab account, they can be withdrawn in accordance with our availability plan. For more details on the schedule, log in to your Schwab account at, call us or visit a branch. But even if the deposited funds are not available for withdrawal, you will receive interest or dividends on those funds held in accordance with the Income section of free balances of this document. In our sole discretion, the funds represented by the cheque may not be available for settlement of securities transactions, even during the holding period. .