Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A secured party has control of an ADI account if:
(a) any one or more of the following applies:
(i) the secured party is the ADI;
(ii) the secured party is able to direct disposition of the funds from the account without further consent by the grantor;
(iii) the secured party becomes the ADI's customer with respect to the account; and
(b) except if subparagraph (a)(i) applies--depositing an amount in the ADI account does not result in any person coming under a present liability to pay:
(i) the debtor; or
(ii) if the debtor is a body corporate--a related body corporate (within the meaning of the Corporations Act 2001 ).
(2) A secured party has control under subsection (1) even if the grantor retains the right to direct the disposition of funds from the account.
(3) To avoid doubt, this section applies in relation to:
(a) perfecting a security interest by control; and
(b) determining whether personal property is a circulating asset under section 340.
(4) Subsection (1) does not limit the ways in which a secured party has control of an ADI account.