554.9340  Effectiveness of right of recoupment or setoff against deposit account.
  1.  Exercise of recoupment or setoff.  Except as otherwise provided in subsection 3, a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account.
  2.  Recoupment or setoff not affected by security interest.  Except as otherwise provided in subsection 3, the application of this Article 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.  When setoff ineffective.  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 which is perfected by control under section 554.9104, subsection 1, paragraph “c”, if the setoff is based on a claim against the debtor.
2000 Acts, ch 1149, §60, 187
Referred to in §554.9109, §554.9341