South Dakota Statutes
§ 57A-9-340 — Bank's right of recoupment or setoff against party holding security interest in 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 article 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 § 57A-9-104(a)(3), if the set - off is based on a claim against the debtor.
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South Dakota § 57A-9-340 (Bank's right of recoupment or setoff against party holding security interest in deposit account.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 2000, ch 231.
Nearby Sections
15
§ 57A-1-101
Short title.§ 57A-1-102
Scope of chapter.§ 57A-1-104
Construction against implied repeal.§ 57A-1-105
Severability.§ 57A-1-106
Use of singular and plural--Gender.§ 57A-1-107
Section captions.§ 57A-1-201
General definitions.§ 57A-1-202
Notice--Knowledge.§ 57A-1-203
Lease distinguished from security interest.§ 57A-1-204
Value.§ 57A-1-205
Reasonable time--Seasonableness.§ 57A-1-206
Presumptions.§ 57A-1-207
Central bank digital currency.