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Section: 400.009.0340 Effectiveness of right of recoupment or set-off against deposit account. RSMO 400.09-340


Published: 2015

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Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.09-339

Section 400.9-340.1

400.09-341→

August 28, 2015

Effectiveness of right of recoupment or set-off against deposit account.

400.9-340. (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.



(L. 2001 S.B. 288)



Effective 7-01-01







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