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 ?
Banks jealously guard the common law right of setoff.
76 disallow a setoff post-verdict when Medicare is involved, the logical conclusion would be that the existence of benefits received under Medicare are admissible at trial.
The Bankruptcy Court upheld Delphi's setoff rights, subject to restrictions imposed by the Bankruptcy Code to the extent the setoff rights arose during the 90 days prior to USAT's bankruptcy filing when USAT was insolvent.
The court next examined the taxpayer's contention that the discharge of her 1993 tax liability under BC section 524(a)(2) barred the IRS from executing its claim to setoff.
Because of this greater burden, the primary carrier should also be the first to receive the benefit of the setoff in order to reduce the coverage upon which the insured has first claim.
Where, prior to the prepayment, an execution has been served and a levy accomplished, the debtor is divested of the claim against the garnishee and can no longer exercise the setoff right.
16) Therefore, when dealing with the issue of credits and setoffs at the time of sale, the income tax benefits attained by the party taking the income tax deduction should be carefully analyzed and taken into account pursuant to F.
analogue of Suit III, the plaintiff argued that no setoffs should be
The legal principle of setoff is generally designed to facilitate the adjustment of "mutual" obligations.
21) The temporary regulations also provide for correlative adjustments and setoffs, which are essentially the same rules provided under the 1968 regulations.
To the extent that the total amount of setoffs asserted by the government exceeds the amount of the taxpayer's claimed refund, the excess will be barred from collection by the expiration of the period of limitations and will not generate any additional tax liability for the taxpayer.