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 ?
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.
This right of setoff will need the approval of the new landlord's lenders, and the tenant will want the lender to agree in a non-disturbance subordination and attornment agreement to be expressly bound by this setoff right in the event it forecloses or otherwise becomes the owner and landlord.
Such a right of setoff is considered unconditional if its exercisability isn't contingent on the occurrence of a future event.
bestowed setoff and preference rights, the derivatives dealer does
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.
Third Party Beneficiary Prevents Setoff Against Prime
This happens because, almost without exception, courts will setoff from the judgment against a defendant the amount of compensation the plaintiff has received from other joint defendants.
Fortunately, the ruptured pipe was in a rural part of Harris County and only one person was in the area when the massive explosion (which could be seen from downtown Houston 30 miles away) was setoff.
The second approach is the pro-rated setoff, where the Guideline table amount for each of the parents is reduced by the percentage of time the children spend with each parent.
In those cases, the landlord will be granted an administrative claim for all monetary obligations due, except those arising from a failure to operate or a penalty provision, for two years following rejection or the date the premises are turned over to the landlord, without reduction or setoff unless sums are received by an entity other than the debtor.
The court must permit setoff, based on the collateral source payment information that the plaintiff provides, in accordance with the laws of this state as of the effective date of the bill.
The act denies an automatic stay, unless specified conditions are met, to the setoff of an income tax refund for a taxable period that ended before the order for relief against an income tax liability for a taxable period that also ended before the order for relief.