Set-off (law) - Wikipedia In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions [1][2] It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutua
setoff | Wex | US Law | LII Legal Information Institute A setoff is the right of someone who owes money to subtract from the debt any money owed in the other direction A setoff is also a defendant ’s monetary demand against the plaintiff for some injury unrelated to the plaintiff’s claim
What Is the Right of Setoff and How Does It Work in Finance? This article explores key aspects of the right of setoff, including its legal foundations, eligible debts, exemptions, contractual considerations, implications during bankruptcy, and the responsibilities of financial institutions
Right of setoff definition — AccountingTools The right of setoff is a legal right by a debtor to reduce the amount owed to a creditor by offsetting against it any amounts owed by the creditor to the debtor For example, a bank can seize the amount in a customer’s bank account to offset the amount of an unpaid loan
setoff Definition, Meaning Usage | Justia Legal Dictionary setoff - A claim made by a debtor stating that the owed amount should decrease due to the creditor owing them money, commonly used as a counterclaim in a lawsuit to reduce the money payable to the plaintiff
What is set off and when does the right arise? | Gowling WLG In certain circumstances, if a claim is proven, the defendant will be able to offset monies that are due to it from the claimant - this is known as set off Here, we cover the basics of set off, including the different types of set off and key points you need to know What is set off? Is set off the same as a counterclaim?
Offset vs. Setoff — What’s the Difference? Offset involves compensating or balancing one factor with another, often in finance, while setoff is a legal mechanism that permits mutual debt cancellation between two parties
Setoff Law and Legal Definition | USLegal, Inc. A setoff is a claim by a defendant in a lawsuit that the plaintiff owes the defendant money which should be subtracted from the amount of damages claimed by plaintiff Set-off takes place only in actions on contracts for the payment of money