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 ?
Has the garnishee "suffered" a transfer of possession of the debt (previously contingent but now due) when the debtor exercises his unilateral right of setoff?
(52) The court in a final judgment must carefully ensure that each cotenant receives his or her share of the tenancy in accordance with their respective interest and any credits and setoffs the parties are entitled to receive.
The Court then turns to the decision of the Court of International Trade that Commerce had both the power and the obligation to make the requested setoffs. The standard of review is that Commerce's determinations of fact must be sustained unless they are unsupported by substantial evidence in the record.
Bankruptcy Requirements for Exercising Setoff Rights
EBL article 40 prohibits such a setoff in two additional circumstances: where the creditor granted credit when it had actual knowledge either that the debtor was insolvent (i.e., it was not able to pay its debts as they came due), or that it had filed a bankruptcy application.
law allows for what most states prohibit--the triangular setoff. (27)
The maximum amount of setoff makes 13.5 km for Sviyaga river within the territory of the Tatarstan Republic, 8.5 km for Vyatka river, 8.0 km for Ik river and 7.0 km for Zaia river.
The common law defenses of recoupment and its more familiar colleague, setoff, are ostensibly similar.
They held their last training session at Roseberry Topping yesterday and will setoff for Kilimanjaro tomorrow.
"Setoff" is a strange word because it reverses the components of "offset" but really means much the same thing.
Since the first edition of the race setoff from the UK in 1996 more than 3,000 people have now taken up that challenge and for all of them it has proved a life enhancing and, in many cases, life-changing experience.