(1) Unless agreed under section 84, in a claim by the secured creditor against the debtor of receivables for payment of the encumbered receivable, the debtor of receivables may raise against the secured creditor —
(a) in the case of receivables arising from an agreement, all defences and rights of set-off arising from the agreement giving rise to the receivable or another agreement that was part of the same transaction, and that the debtor of receivables may raise if the security interest had not been created and the claim were made by the grantor; and
(b) any other right of set-off that is available to the debtor of receivables at the time the debtor received notification of the security interest.
(2) Notwithstanding subsection (1), the debtor of receivables may not raise as a defence or right of set-off against the secured creditor a breach of an agreement under section 13(2) limiting the right of the grantor to create the security interest.