Home Table of Contents

§ 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
Currentness
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 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document