set off a debt
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set-off — An agreement between the parties involved to set off one debt against another or one loss against a gain. A banker is empowered to set off a credit balance on one account against a debit balance on another if the accounts are in the same name and … Accounting dictionary
set-off — An agreement between the parties involved to set off one debt against another or one loss against a gain. A banker is empowered to set off a credit balance on one account against a debit balance on another if the accounts are in the same name and … Big dictionary of business and management
set-off — index counterclaim, drawback Burton s Legal Thesaurus. William C. Burton. 2006 set off … Law dictionary
set–off — / set ˌȯf/ n 1: the reduction or discharge of a debt by setting against it a claim in favor of the debtor; specif: the reduction or discharge of a party s debt or claim by an assertion of another claim arising out of another transaction or cause … Law dictionary
Set-off — n. [Set + off.] 1. That which is set off against another thing; an offset. [1913 Webster] I do not contemplate such a heroine as a set off to the many sins imputed to me as committed against woman. D. Jerrold. [1913 Webster] 2. That which is use … The Collaborative International Dictionary of English
set|off — «SEHT F, OF», noun. 1. a thing used to set off or adorn; ornament; decoration. SYNONYM(S): trimming. 2. something that counterbalances or makes up for something else; compensation; offset. 3. a) … Useful english dictionary
set-off — the ability to discharge or reduce a debt by applying a counter claim between the same parties. For example, a bank which has lent money to a debtor may attempt to satisfy some or all of the loan by seizing the debtor s deposits at the bank… … Glossary of Bankruptcy
Set-off (law) — In law, a set off is a statutory defence to the whole or to a portion of a plaintiff s claim. It had no existence under the English common law, being created by 2 Geo. II c. 22 for the relief of insolvent debtors, although set off was recognised… … Wikipedia
Set-Off Clause — A legal clause that gives a lender the authority to seize a debtor s deposits when they default on a loan. A set off clause can also refer to a settlement of mutual debt between a creditor and a debtor through offsetting transaction claims. This… … Investment dictionary
set-off — A counter claim demand which defendant holds against plaintiff, arising out of a transaction extrinsic of plaintiffs cause of action. Remedy employed by defendant to discharge or reduce plaintiffs demand by an opposite one arising from… … Black's law dictionary
set-off — noun 1》 an item or amount set off against another. ↘Law a counterbalancing debt pleaded by the defendant in an action to recover money due. ↘dated a counterbalancing or compensating circumstance or condition. 2》 a step or shoulder at… … English new terms dictionary
