Tribal Law - Turtle Mountain Band of Chippewa Indians of North Dakota; National Indian Law Library, Native American Rights Fund

Turtle Mountain Band of Chippewa Indians of North Dakota - Tribal Law

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Turtle Mountain Band of Chippewa Indians Tribal Code.

24.44.400 Effectiveness of Right of Recoupment or Setoff Against Deposit Account or Certificate of Deposit

(a) Except as otherwise provided in subsection (c), a bank with which a deposit account or certificate of deposit is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account or certificate of deposit.

(b) Except as otherwise provided in subsection (c), the application of Chapters 24.42 through 24.48 to a security interest in a deposit account or certificate of deposit does not affect a right of recoupment or setoff of the secured party as to a deposit account or certificate of deposit maintained with the secured party.

(c) The exercise by a bank of a setoff against a deposit account or certificate of deposit is ineffective against a secured party that holds a security interest in the deposit account or certificate of deposit which is perfected by control under subdivision (3) of subsection (a) of Section 24.42.040, if the setoff is based on a claim against the debtor.