Utah § 70A-9a-340 Effectiveness of right of recoupment or set-off against deposit account.

Utah Statutes

§ 70A-9a-340 — Effectiveness of right of recoupment or set-off against deposit account.

Utah § 70A-9a-340

Title 70AUniform Commercial Code

Ch. 70A-9aUniform Commercial Code - Secured Transactions

Part 70A-9a-3Perfection and Priority

This text of Utah § 70A-9a-340 (Effectiveness of right of recoupment or set-off against deposit account.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 70A-9a-340 (2026).

Text

(1)Except as otherwise provided in Subsection (3), 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.

(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 set-off of the secured party as to a deposit account maintained with the secured party.

(3)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 Subsection 70A-9a-104(1)(c), 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

(1) Except as otherwise provided in Subsection (3), 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.
(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 set-off of the secured party as to a deposit account maintained with the secured party.
(3) 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 Subsection 70A-9a-104(1)(c), if the set-off is based on a claim against the debtor.