Sec. 9341.
Except as otherwise provided in section 9340(3), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by 1 or more of the following:
(a) The creation, attachment, or perfection of a security interest in the deposit account.
(b) The bank's knowledge of the security interest.
(c) The bank's receipt of instructions from the secured party.
History: Add. 2000, Act 348, Eff. July 1, 2001
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 9 - Secured Transactions (440.9101...440.9994)
174-1962-9-3 - Part 3 Perfection and Priority (440.9301...440.9342)
174-1962-9-3-4. - Subpart 4. Rights of Bank (440.9340...440.9342)
Section 440.9340 - Effectiveness of Right of Recoupment or Setoff Against Deposit Account.
Section 440.9341 - Bank's Rights and Duties With Respect to Deposit Account.
Section 440.9342 - Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement.