South Carolina Statutes
§ 36-9-340 — Effectiveness of right of recoupment or set-off against deposit account.
(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 chapter 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 36-9-104(a)(3), if the set-off is based on a claim against the debtor.
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South Carolina § 36-9-340 (Effectiveness of right of recoupment or set-off against deposit account.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2001 Act No. 67, SECTION 12.
Nearby Sections
15
§ 36-9-101
Short title.§ 36-9-102
Definitions and index of definitions.§ 36-9-104
Control of deposit account.§ 36-9-106
Control of investment property.§ 36-9-107
Control of letter-of-credit right.§ 36-9-108
Sufficiency of description.§ 36-9-109
Scope.§ 36-9-111
UCC lien satisfaction.§ 36-9-202
Title to collateral immaterial.