New Jersey § 12a:9-340
Full text of New Jersey New Jersey Statutes § 12a:9-340, with citation guidance and answers to common questions.
§ 12a:9-340.
(a) Exercise of recoupment or set-off. 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) Recoupment or set-off not affected by security interest. Except as otherwise provided in subsection (c) , the application of this chapter 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) When set-off ineffective. 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 12A:9-104 (a) (3), if the set-off is based on a claim against the debtor.
Source: official New Jersey text · Last verified 2026-08-27
Frequently Asked Questions About New Jersey § 12a:9-340
What does New Jersey Statutes § 12a:9-340 cover?
Section 12a:9-340 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 12a:9-340?
A common citation format is "New Jersey Statutes § 12a:9-340" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:9-340 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.