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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