Or. Rev. Stat. § 79A.3400 — UCC 9-340. Effectiveness of right of recoupment or setoff against deposit account

79A.3400 UCC 9-340. Effectiveness of right of recoupment or setoff against deposit account. (1) Except as otherwise provided in subsection (3) 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.

(2) Except as otherwise provided in subsection (3) 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.

(3) 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 ORS 79A.1040 (1)(c), if the setoff is based on a claim against the debtor. [Formerly 79.0340]