Maryland Code § CL-9-340

Section CL-9-340
Open in Lexace · Ask the AI about this section
(a) Except as otherwise provided in subsection (c), 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), 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 § 9-104(a)(3), if the set-off is based on a claim against the
debtor.

‹ Prev All Maryland sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.