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§ 1-9-340. Effectiveness of right of recoupment or set-off against deposit account

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 3. Perfection and Priority (Refs & Annos)
12A Okl.St.Ann. § 1-9-340
§ 1-9-340. Effectiveness of right of recoupment or set-off against deposit account
Effectiveness of right of recoupment or set-off against deposit account
(a) Except as otherwise provided in subsection (c) of this section, 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) of this section, 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 paragraph (3) of subsection (a) of Section 1-9-104 of this title, if the set-off is based on a claim against the debtor.

Credits

Laws 2000, c. 371, § 67, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-340, OK ST T. 12A § 1-9-340
Current with emergency effective legislation through Chapter 449 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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