{"data":{"id":"us-mi/mich.-comp.-laws-440.9340","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.9340","heading":"Effectiveness of right of recoupment or setoff against deposit account.","body":"Sec. 9340.\n\nExcept 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.\n\nExcept as otherwise provided in subsection (3), the application of this article 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.\n\nThe 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 9104(1)(c), if the setoff is based on a claim against the debtor.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-9340","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"40952692d59ce4aa5d9a7cf1fe7942d8f53ab2b4175473e9f09afec22f433a4e","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.9339","next":"us-mi/mich.-comp.-laws-440.9341"},"notice":"GroundRules: Original legal text. Not legal advice."}