setoff

Definitions

1. 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 borrower's any loan in arrears, or in anticipation of a default. In some jurisdictions (such as the US), this right is not applicable to consumer and credit card loans.

2. Commerce: Debtor's legal right to reduce the creditor's claim by the amount the creditor (claimant) owes to the debtor.

3. Litigation: Counterclaim by a defendant against the plaintiff on the basis of a transaction that is different from the one on which the plaintiff's claim is based. In legal terminology it is called equitable right to setoff.

Use 'setoff' in a Sentence

The important ability to setoff was taken into consideration as the customer had been a lifelong member of the bank.

I was not really into the idea of a setoff, but I knew that banks did their best to maintain a fair practice.

One of our competitors suffered greatly when the bank employed a setoff to recoup their loses as our competitor's profits suffered and they were unable to repay the loan they took out from the bank.

单词	setoff
释义	setoff Definitions 1. 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 borrower's any loan in arrears, or in anticipation of a default. In some jurisdictions (such as the US), this right is not applicable to consumer and credit card loans. 2. Commerce: Debtor's legal right to reduce the creditor's claim by the amount the creditor (claimant) owes to the debtor. 3. Litigation: Counterclaim by a defendant against the plaintiff on the basis of a transaction that is different from the one on which the plaintiff's claim is based. In legal terminology it is called equitable right to setoff. Use 'setoff' in a Sentence The important ability to setoff was taken into consideration as the customer had been a lifelong member of the bank. I was not really into the idea of a setoff, but I knew that banks did their best to maintain a fair practice. One of our competitors suffered greatly when the bank employed a setoff to recoup their loses as our competitor's profits suffered and they were unable to repay the loan they took out from the bank.
随便看	not negotiable notorious possession not otherwise classified (NOC) not otherwise specified (NOS) not sufficient funds (NSF) not taken not to exceed (NTE) notwithstanding Nouveau Marche novated lease novation novation agreement novel NP chart nuclear nuclear material nuclear waste nudum pactum nugatory nuisance nuisance parameter nuisance value null and void numbered account number of days of inventory on hand