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 ?
encumbered the corpus of the trust prior to the assertion of the setoff.
(41) In the same vein, it would be improper to allow a setoff post-verdict because it is contrary to [section] 786.76.42 The case was reversed and remanded for a new trial.
The concern is that where the fact-finder remains uninformed, or there is no collateral source setoff, a successful plaintiff acquires a windfall, being awarded monetary damages in excess of necessary and reasonable medical costs.
The court held that the resolution of the issues in controversy required the bankruptcy court to interpret conflicting sections of the Bankruptcy Code and to determine the proper scope of the parties' rights to dischargeability, exemption, and setoff. For this and other reasons, the Court of Appeals for the Fifth Circuit held that the bankruptcy court's decision not to abstain was clearly proper.
Having limited the workers compensation setoff to one amount, the Illinois Court also needed to determine the manner in which the $196,000 setoff would be allocated.
The metaphysics of setoff have never been well understood.
There appears to be a trend in recent appellate decisions that requires the record to reflect that the trial court considered the issue of credits and setoffs. In other words, silence in the final judgment is not enough because silence might merely mean that the issue of credits and setoffs was never presented to and/or addressed by the court.
setoffs when several defendants are involved have interesting--perverse,
A creditor exercising setoff rights can settle up its claim against the debtor by reducing the creditor's obligation to the debtor on a dollar for dollar basis from the creditor's claim against the debtor.
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." Section 247 also applies specifically to "qualifying cost contribution arrangements," a new legislative expression of arrangements already recognized in the relevant practice of Revenue Canada.
Ordinarily, creation of a lien on a debt, contingent or vested, would interfere with the strategy of setoff. But we have already seen that Debtor & Creditor Law section 151 plays havoc with liens.