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Security Interest in a Deposit Account Must Be Perfected by a Control Agreement

John Councellor was the president and controlling stockholder of First Metals and Plastics Technologies, Inc. He loaned the company more than $200,000 and filed a financing statement with the Indiana Secretary of State's office on December 30, 2002, covering "all Debtor's presently owned or hereafter acquired assets, including, without limitation, ... deposit accounts ... and all products and proceeds of the foregoing." No control agreement was executed.
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