Indiana Statutes
§ 26-1-9.1-340 — Effectiveness of right of recoupment or setoff against deposit account
Indiana § 26-1-9.1-340
This text of Indiana § 26-1-9.1-340 (Effectiveness of right of recoupment or setoff against deposit account) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ind. Code § 26-1-9.1-340 (2026).
Text
(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 IC 26-1-9.1 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 IC 26-1-9.1-104(a)(3), if the set-off is based on a claim against the debtor.
Free access — add to your briefcase to read the full text and ask questions with AI
Legislative History
As added by P.L.57-2000, SEC.45.
Nearby Sections
15
§ 26-1-1-0.3
Certain security interests considered perfected§ 26-1-1-0.5
Status of certain security interests; conditions; lapsing of perfection;
filing of financing statements§ 26-1-1-101
Short title; application§ 26-1-1-104
Construction against implicit repeal§ 26-1-1-105
Repealed§ 26-1-1-106
Remedies to be liberally administered§ 26-1-1-108
SeverabilityCite This Page — Counsel Stack
Bluebook (online)
Indiana § 26-1-9.1-340, Counsel Stack Legal Research, https://law.counselstack.com/statute/in/26-1-9.1-340.