Article 26 - Priority: Bank Accounts

(1) Priority between conflicting Security Interests in the same Bank Account is as follows:
(A) a Security Interest perfected by control has priority over a Security Interest which is not perfected by control;
(B) subject to 26 (C), conflicting Security Interests perfected by control rank according to the order in which control was obtained;
(C) if the Bank with which the Bank Account is maintained is itself a Secured Party, the Bank has priority over any other Secured Party except one which has taken control by becoming the account holder; and
(D) in all other cases, priority among conflicting Security Interests in Bank Accounts is governed by Article 24 (Default Priority Rules).
(2) For the avoidance of doubt, unless otherwise agreed in writing by the Bank and the Secured Party, a Bank may exercise any right of set-off against a Secured Party which holds a Security Interest in a Bank Account held with the Bank unless:
(A) the Secured Party has taken control of the Bank Account by becoming the account holder; and
(B) the set-off is based on a claim against the Debtor.