Setoff

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Related to Setting Off: in accord with, settled down, holding forth

Setoff

Money held on behalf of a borrower that may be applied to repay the loan, but usually without the permission of the borrower.

Setoff

1. The ability of a debtor to reduce the amount of one's debt by an amount the creditor owes to the debtor. Thus, if a debtor owes a creditor $20,000 but the creditor owes the debtor $5,000 in an unrelated matter, setoff allows the debtor effectively to owe only $15,000.

2. In banking, the right of a bank to seize a debtor's account balance held at that bank if a debt is in or near default. Some jurisdictions limit the right of setoff; for example, the United States does not allow it to apply for commercial loans or credit card debt.
References in periodicals archive ?
2) The new Batmobile bursts into the arena over a moat, setting off explosions and screeching around in pursuit of the bad guys.
Lots of people have been trying to second guess the traffic by setting off for the coast on Sunday instead of earlier in the weekend.
Drew Mahood, watch manager at the Humber Coastguard, has asked for anyone who is planning on setting off lanterns to ring the local coastguard beforehand as a warning.
A change of Azeri government policy meant we thought we would not receive our visas before setting off.
ON another note entirely, I've started setting off alarms.
Muktar Said Ibrahim told Woolwich Crown Court he had no intention of setting off his hydrogen peroxide and chapatti flour device on the Number 26 bus.
A father is setting off on his toughest challenge yet after he was diagnosed with a rare nerve condition two years ago.
A TEENAGER and her "taid" will be setting off from Anglesey on a motorbike at the end of this month to raise money for Air Ambulance Wales.
In the second match, Brian Cousen beat Frank Griffin 200-154, despite the latter setting off well to lead 40-0.
SURVEILLANCE video from Washington Dulles International Airport the morning of September 11, 2001, shows four of the five hijackers being pulled aside to undergo additional scrutiny after setting off metal detectors.
The partnerships proved profitable in the past, setting off runs on already popular toys.
Families will soon be setting off for day trips and holiday destinations all over the UK.