(a) Except as provided in subsection (b) or (c), a financial institution may not exercise a right of recoupment or set off against a special deposit.

(b) An account agreement may authorize the financial institution to debit the special deposit:

(1) when the financial institution becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation;

(2) for a fee assessed by the financial institution that relates to an overdraft in the special deposit account;

(3) for costs incurred by the financial institution that relate directly to the special deposit; or

(4) to reverse an earlier credit posted by the financial institution to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution.

(c) The financial institution holding a special deposit may exercise a right of recoupment or set off against an obligation to pay a beneficiary, even if the financial institution funds payment from the special deposit.