PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 25 Control of an ADI account

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 25

    A secured party has control of an ADI account for the purposes of section   21 (perfection--main rule) if, and only if, the secured party is the ADI.

Note:   Control has an extended meaning in relation to ADIs in sections   341 and 341A (control in relation to fixed and floating charges).