Okla. Stat. tit. 12A, § 12A-1-9-340
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-340, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Effectiveness of right of recoupment or set-off
Official statutory text
against deposit account.
EFFECTIVENESS OF RIGHT OF RECOUPMENT OR
SET-OFF AGAINST DEPOSIT ACCOUNT
(a) Except as otherwise provided in subsection (c) of this
section, 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) of this
section, 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
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 96
paragraph (3) of subsection (a) of Section 1-9-104 of this title, if
the set-off is based on a claim against the debtor.
EFFECTIVENESS OF RIGHT OF RECOUPMENT OR
SET-OFF AGAINST DEPOSIT ACCOUNT
(a) Except as otherwise provided in subsection (c) of this
section, 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) of this
section, 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
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 96
paragraph (3) of subsection (a) of Section 1-9-104 of this title, if
the set-off is based on a claim against the debtor.
Status: in_force · Read it on the official government site
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