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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

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