§ 41-09-60 — (9-340) Effectiveness of right of recoupment or setoff against deposit account or certificate of deposit

account or certificate of deposit.
1. Except as otherwise provided in subsection 3, a bank with which a deposit account or
certificate of deposit is maintained may exercise any right of recoupment or setoff
against a secured party that holds a security interest in the deposit account or
certificate of deposit.
2. Except as otherwise provided in subsection 3, the application of this chapter to a
security interest in a deposit account or certificate of deposit does not affect a right of
recoupment or setoff of the secured party as to a deposit account or certificate of
deposit maintained with the secured party.
3. The exercise by a bank of a setoff against a deposit account or certificate of deposit is
ineffective against a secured party that holds a security interest in the deposit account
or certificate of deposit which is perfected by control under subdivision c of
subsection 1 of section 41-09-04, if the setoff is based on a claim against the debtor.