- (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 chapter 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 36-9-104(a)(3), if the set-off is based on a claim against the debtor.
HISTORY: 2001 Act No. 67, Section 12. "Bank" Section 36-9-102(a)(8) "Control" See Section 36-9-104 "Debtor" Section 36-9-102(a)(28) "Deposit account" Section 36-9-102(a)(29) "Secured party" Section 36-9-102(a)(72) "Security interest" Section 36-1-201(37) [see now Section 36-1-203]