400.9-340. Effectiveness of right of recoupment or set-off against deposit account. - Missouri Statutes

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Statutes > Missouri > T26 > C400 > 400_9-340

Effectiveness of right of recoupment or set-off against depositaccount.

400.9-340. (a) Except as otherwise provided in subsection (c), abank with which a deposit account is maintained may exercise any right ofrecoupment or set-off against a secured party that holds a securityinterest in the deposit account.

(b) Except as otherwise provided in subsection (c), the applicationof this article to a security interest in a deposit account does not affecta right of recoupment or set-off of the secured party as to a depositaccount maintained with the secured party.

(c) The exercise by a bank of a set-off against a deposit account isineffective against a secured party that holds a security interest in thedeposit account which is perfected by control under section400.9-104(a)(3), if the set-off is based on a claim against the debtor.

(L. 2001 S.B. 288)
Effective 7-01-01

State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_9-340

Effectiveness of right of recoupment or set-off against depositaccount.

400.9-340. (a) Except as otherwise provided in subsection (c), abank with which a deposit account is maintained may exercise any right ofrecoupment or set-off against a secured party that holds a securityinterest in the deposit account.

(b) Except as otherwise provided in subsection (c), the applicationof this article to a security interest in a deposit account does not affecta right of recoupment or set-off of the secured party as to a depositaccount maintained with the secured party.

(c) The exercise by a bank of a set-off against a deposit account isineffective against a secured party that holds a security interest in thedeposit account which is perfected by control under section400.9-104(a)(3), if the set-off is based on a claim against the debtor.

(L. 2001 S.B. 288)
Effective 7-01-01

State Codes and Statutes

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State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_9-340

Effectiveness of right of recoupment or set-off against depositaccount.

400.9-340. (a) Except as otherwise provided in subsection (c), abank with which a deposit account is maintained may exercise any right ofrecoupment or set-off against a secured party that holds a securityinterest in the deposit account.

(b) Except as otherwise provided in subsection (c), the applicationof this article to a security interest in a deposit account does not affecta right of recoupment or set-off of the secured party as to a depositaccount maintained with the secured party.

(c) The exercise by a bank of a set-off against a deposit account isineffective against a secured party that holds a security interest in thedeposit account which is perfected by control under section400.9-104(a)(3), if the set-off is based on a claim against the debtor.

(L. 2001 S.B. 288)
Effective 7-01-01