Sole Control under a Deposit Account Control Contract Notice

This legal template would likely pertain to a notice regarding the implementation of a Deposit Account Control Contract (DACC) providing sole control over a specific deposit account. A Deposit Account Control Contract is a legal agreement between a secured party (typically a lender) and a debtor, outlining the terms and conditions under which the secured party obtains control over a deposit account held by the debtor.

This template would specifically focus on the aspect of "Sole Control," indicating that the secured party has exclusive authority and rights over the deposit account mentioned. It would establish that the secured party's control overrides any other parties' interests or claims on the account, thereby authorizing the secured party to take actions such as freezing the account, receiving and managing funds, and monitoring account transactions.

The notice may include vital information such as the names and contact details of all involved parties, the physical location of the deposit account, the account number, and any specific terms or conditions related to sole control. It may also communicate the effective date of the notice and the duration for which sole control will be maintained.

Furthermore, the template could include clauses reaffirming the debtor's consent to the sole control arrangement, agreeing to provide access and information pertaining to the account, and acknowledging the secured party's rights in compliance with applicable laws and regulations.

Overall, this legal template would provide an official and documented notice outlining the establishment of sole control over a deposit account through a Deposit Account Control Contract.