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2020 Oklahoma Statutes
Title 12A. Commercial Code
§12A-1-9-340. Effectiveness of right of recoupment or set-off against deposit account.

Universal Citation: 12A OK Stat § 12A-1-9-340 (2020)
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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.

Added by Laws 2000, c. 371, § 67, eff. July 1, 2001.

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