The purpose of this Task Force is to create various forms of Deposit Account Control Agreements acceptable in the commercial financial services industry, including both commercial lenders and depository banks. The Task Force seeks to create forms which can be accepted by parties with no or minimal negotiation. The Initial Report of the Task Force as published by the Business Lawyer as well as the final version of the General Terms and Specific Terms of the Deposit Account Control Agreement for both standard and securitization transactions can be accessed below in the Section entitled "Reports and Final Annonated DACA and Inserts".
The Task Force has also approved eight Inserts to be used with the DACA. These Inserts are the Standing Disposition Instruction Insert (i.e. for sweep accounts), the Lock Box Insert, the Non-Demand Deposit Account Insert, the Initial Block without Standing Disposition Instruction Insert, the Time Deposit Insert, the Deposit Account Automatic Sweep Investment Insert, the First Lien Insert and the Second Lien Insert. The annotated final version of these inserts is located below in the Section entitled "Reports and Final Annotated DACA and Inserts". Unnanotated versions of the Specific Terms for both standard and securitization transactions, and the Inserts in Word format are available for downloading and use below in the Section entitled "Unannotated Specific Terms and Inserts." The Task Force recommends that the practitioner review the Reports of the Task Force and the annotated versions of the Specific Terms and Inserts before using the downloadable forms. Also below in the Section entitled "Reports and Final Annotated DACA and Inserts" is the Additional Report of the Task Force as published in the Business Lawyer containing further explanations about the Inserts
We are also undertaking a specialized DACA Form to be used in securitization transactions. The Securitization DACA has been finalized and is in in the Section entitled "Reports and Final Annotated DACA and Inserts" below. Also in the Section below entitled "Current Drafts" is the initial draft of the Securitization Report.
Although not quite a deposit account control agreement, the Task Force is working on a Revocable Standing Medicare/Medicaid Deposit Account Service Agreement. The current drafts of these forms can be accessed in the Section entitled "Current Drafts" below.
