Vermont § 340 - § 9—340.
Full text of Vermont Vermont Statutes Online § 340 — § 9—340., with citation guidance and answers to common questions.
§ 340. § 9—340.
- Effectiveness of right of recoupment or set-off 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 set-off 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 article 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) 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 subdivision 9—104(a)(3) of this title, if the set-off is based on a claim against the debtor. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
Frequently Asked Questions About Vermont § 340
What does Vermont Statutes Online § 340 cover?
Section 340 ("§ 9—340.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 340?
A common citation format is "Vermont Statutes Online § 340" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 340 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.