1. Exercise ofrecoupment 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 orsetoff notaffectedby security interest. Except asotherwiseprovided in subsection 3,the application of this Article toa 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 isperfected by control under section 554.9104, subsection 1, paragraph “c”, ifthe setoff is based on a claim against the debtor.
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