Montana § 30-9A-340 Effectiveness Of Right Of Recoupment Or Setoff Against Deposit Account

Montana Statutes

§ 30-9A-340 — Effectiveness Of Right Of Recoupment Or Setoff Against Deposit Account

Montana·Title 30 TRADE AND COMMERCE·Ch. 9A UNIFORM COMMERCIAL CODE SECURED TRANSACTIONS·Part 3 Perfection and Priority

30-9A-340 . Effectiveness of right of recoupment or setoff against deposit account.

(1)Except as otherwise provided in subsection (3), a bank with which a deposit account is maintained may exercise against a secured party that holds a security interest in the deposit account any right of recoupment or setoff.

(2)Except as otherwise provided in subsection (3), the application of this chapter to a security interest in a deposit account does not affect a right of recoupment or setoff of the secured party as to a deposit account maintained with the secured party.

(3)The exercise by a bank of a setoff against a deposit account is ineffective against a secured party that holds a security interest in the deposit account that is perfected by control under 30-9A-104 (1)(c) if the setoff is based

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30-9A-340 . Effectiveness of right of recoupment or setoff against deposit account. (1) Except as otherwise provided in subsection (3), a bank with which a deposit account is maintained may exercise against a secured party that holds a security interest in the deposit account any right of recoupment or setoff.
(2) Except as otherwise provided in subsection (3), the application of this chapter to a security interest in a deposit account does not affect a right of recoupment or setoff of the secured party as to a deposit account maintained with the secured party.
(3) The exercise by a bank of a setoff against a deposit account is ineffective against a secured party that holds a security interest in the deposit account that is perfected by control under 30-9A-104 (1)(c) if the setoff is based on a claim against the debtor.

Montana § 30-9A-340 (Effectiveness Of Right Of Recoupment Or Setoff Against Deposit Account) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.