The claim a debtor can make against a creditor that reduces or cancels the amount the debtor owes.
Related information about setoff:
- setoff - Legal Dictionary | Law.com
setoff. (offset) n. a claim by a defendant in a lawsuit that the plaintiff (party filing the ... By claiming a setoff the defendant does not necessarily deny the plaintiff's ...
- Setoff - Definition and More from the Free Merriam-Webster Dictionary
Dec 5, 2011 ... something that is set off against another thing: a : decoration, ornament. b : compensation, counterbalance. 2. : the reduction or discharge of a ...
- setoff - Legal Dictionary - The Free Dictionary
setoff (offset) n. a claim by a defendant in a lawsuit that the plaintiff (party filing the original suit) owes the defendant money which should be subtracted from the ...
- setoff - definition of setoff by the Free Online Dictionary, Thesaurus ...
Something, such as a decoration, that sets off something else by contrast. 2. Something that offsets or compensates for something else; a counterbalance. 3. a .
- What is setoff? definition and meaning
Definition of setoff: Banking: Bank's legal right to seize a borrower's any account balance (except a sub-account balance) in the same bank to apply it toward the ...
- Setoff and Recoupment.DOC - Fredrikson & Byron PA
Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from ... independent source of law that authorizes setoff or recoupment; it recognizes ...
- Setoffs And Bankruptcy : Business Bankruptcy Blog
Jul 31, 2006 ... Setoff. When a complete setoff is made, no cash changes hands but each side's debt to the other is canceled. In some business relationships, ...
- Code of Laws Title 12 Chapter 56 Setoff Debt Collection Act
This chapter may be cited as the "Setoff Debt Collection Act". HISTORY: 1995 Act No. 76, Section 5. SECTION 12-56-20. Definitions. As used in this chapter: ...