Control Agreement
/ˈkɒn.trəʊl əˈɡriː.mənt/
Definitions
- (n.) A contractual arrangement permitting secured party to direct or have rights to control the disposition of collateral.
The lender and borrower entered a control agreement to regulate access to the account holding the collateral.
Forms
- control agreement
- control agreements
Related terms
See also
Commentary
Control agreements are essential in secured transactions to establish priority and control over collateral, especially for deposit accounts or investment property.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.