Disclaimer
The information provided relates to an agreement governing the control and management of deposit accounts involved in financial transactions. It is intended solely for informational purposes and should not be construed as legal advice. Users are advised to consult with qualified legal professionals specializing in banking or financial law to ensure compliance with applicable regulations. Variations in jurisdictional laws may necessitate adjustments, and the use of this information is at the user’s own risk. We accept no liability for errors, omissions, or consequences resulting from reliance on this content without proper legal review.
Please note: This is a sample Deposit Account Control Agreement (DACA) template, provided for illustrative purposes only. Actual terms may vary based on specific arrangements and applicable laws.
Deposit Account Control Agreement (DACA) Sample
Parties Involved:
Depositor: XYZ Corporation
Address: 123 Business Rd, New York, NY 10001
Bank: ABC Bank, N.A.
Address: 456 Finance Ave, New York, NY 10002
Account Details:
Account Number: 987654321
Account Type: Deposit Account
Purpose:
This agreement governs the control and rights over the deposit account specified above, ensuring the proper handling, security, and instructions related to the account as agreed upon by the parties.
Account Control:
The bank shall follow the instructions of the secured party designated herein, and such instructions shall be binding and effective until further notice or modification in accordance with this agreement.
Parties’ Responsibilities:
The Depositor shall provide all necessary instructions and cooperate with the Bank to facilitate the control over the account as specified. The Bank shall act solely based on the instructions received from authorized parties.
Governing Law:
This agreement shall be governed by the laws of the State of New York. Disputes shall be subject to the jurisdiction of New York courts.
Additional Provisions:
- The Bank shall execute all instructions received from the authorized party in accordance with this agreement.
- This agreement may be amended only in writing signed by all parties.
- All funds and rights associated with the account are subject to the terms of this control agreement.
New York, ______________________
Authorized Party
Bank Representative