deposit account

deposit account
Defined in the UCC as a demand, time, savings, passbook, or similar account maintained with a bank; the term does not include investment property or accounts evidenced by an instrument (UCC § 9-102(a)(29)). A deposit account is an asset type over which an entity can grant a security interest under Article 9 of the UCC.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • deposit account — ➔ account1 * * * deposit account UK US noun [C] (WRITTEN ABBREVIATION d/a) BANKING ► a bank account that pays interest, used especially by people who want to save money: »You can open a deposit account with as little as £20. » …   Financial and business terms

  • deposit account — deposit accounts N COUNT A deposit account is a type of bank account where the money in it earns interest. [BRIT] (in AM, use savings account) …   English dictionary

  • Deposit account — Deposits redirects here. For other uses, see Deposit (disambiguation). Banking A series on …   Wikipedia

  • deposit account — noun a savings account in which the deposit is held for a fixed term or in which withdrawals can be made only after giving notice or with loss of interest • Syn: ↑time deposit account • Hypernyms: ↑savings account * * * noun 1. Britain : a bank… …   Useful english dictionary

  • deposit account — UK / US noun [countable] Word forms deposit account : singular deposit account plural deposit accounts a savings account at a bank …   English dictionary

  • deposit account control agreement — (DACA) USA The agreement in which a debtor, secured party, and bank maintaining the deposit account have agreed that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account… …   Law dictionary

  • deposit account — Either of two basic bank deposit accounts. The demand deposit is payable on demand (see check). Theoretically, the time deposit is payable only after a fixed interval of time; in practice, withdrawals from most small time deposit accounts are… …   Universalium

  • deposit account — de posit ac.count n especially BrE a bank account that pays ↑interest on the money that you leave in it →↑checking account, ↑current account …   Dictionary of contemporary English

  • deposit account — noun (C) especially BrE a bank account that pays interest 1 (4) on condition that you keep money there for a particular length of time compare checking account, current account …   Longman dictionary of contemporary English

  • deposit account — DA An account with a bank or building society from which money cannot be withdrawn without notice and on which interest is paid. See also: savings account …   Accounting dictionary

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