Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of subsection 340(2), a secured party has control of an ADI account if:
(a) 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) if the secured party is not the ADI--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 ).
Note: However, a security interest in an ADI account is only perfected by control if the secured party is the ADI (see sections 21 and 25).
(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.