A.R.S. § 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.