setoff

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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 amount of damages claimed by plaintiff. By claiming a setoff the defendant does not necessarily deny the plaintiff's original demand, but he/she claims the right to prove the plaintiff owes him/her an amount of money from some other transaction and that the amount should be deducted from the plaintiff's claim. (See: offset, affirmative defense)

setoff

noun allowance, balance, compensation, counter, counter demand, counterbalance, credit, equivalent, offset, opposite, outstanding indebteddess, satisfaction
Associated concepts: affirmative defense, counterclaim
See also: indemnity
References in periodicals archive ?
law allows for what most states prohibit--the triangular setoff.
12) Because "contractual discounts" are considered collateral sources, they are barred from being placed into evidence at trial and are subject to a setoff post-verdict.
W]e hold that when an accident victim is covered by more than one insurance policy providing underinsured-motorist coverage, public policy permits only one setoff to that coverage for the amount of workers' compensation benefits received by the insured.
For all three main elements of the new provision, subsection 247(1) contains supporting definitions of relevant terms, notably "arm's length transfer," "transfer price," and various calculation concepts relevant principally to the penalty -- namely, "transfer pricing capital adjustment," "transfer pricing capital setoff adjustment," "transfer pricing income adjustment," and "transfer pricing income setoff adjustment.
Setoffs, at least as a matter of state law, are subject to the rule of "use it or lose it.
A party is not entitled to any credits or setoffs upon the sale of the marital home unless the parties' settlement agreement, final judgment of dissolution of marriage, or final judgment equitably distributing assets or debts specifically provides that certain credits or setoffs are allowed or given at the time of sale.
We saw in a prior section that when the creditor has an execution lien, advance payment of a contingent debt relieves the garnishee from the obligation to pay the sheriff, since Debtor and Creditor Law section 151 invites triangular setoffs at the sheriffs expense.
077 sets forth criteria on entitlement to setoffs and credits upon sale of a marital residence in a FJDM.
jurisdictions for key reinsurance topics, including: credit for reinsurance, setoff, insolvency clauses, fronting, bulk reinsurance, cut-throughs and arbitration.
Vicarious liability does not avail itself to apportionment and, therefore, a rule requiring that settling parties are required to apportion an offer made to or by vicariously liable defendants, to accommodate some potential future setoff, has apparently become unworkable.
Pared down to its essentials, the statute provides for 1) reduction based upon comparative fault, followed by 2) application of the limitation on noneconomic damages, including setoffs for amounts received in settlement for noneconomic damages within the category of defendants, and 3) application of setoffs for amounts received in settlement for economic damages.
The market's existing extended setoff rights also militate