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Title XXVI TRADE AND COMMERCE

Chapter 400

previous next Effective - 01 Jul 2001, see footnotebottom

  400.9-340.  Effectiveness of right of recoupment or set-off against deposit account. — (a)  Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account.

  (b)  Except as otherwise provided in subsection (c), the application of this article to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party.

  (c)  The exercise by a bank of a set-off against a deposit account is ineffective against a secured party that holds a security interest in the deposit account which is perfected by control under section 400.9-104(a)(3), if the set-off is based on a claim against the debtor.

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(L. 2001 S.B. 288)

Effective 7-01-01


---- end of effective   01 Jul 2001 ----

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