47-9340 - Arizona Statutes

47-9340. Effectiveness of right of recoupment or setoff 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 setoff 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 chapter 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. C. 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 that is perfected by control under section 47-9104, subsection A, paragraph 3, if the setoff is based on a claim against the debtor.