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 ?
New Taipei City Fire Department said on Monday it dispatched eight personnel in four teams to the area around Taipei Metro's Tamsui Station to enforce the ban on setting off fireworks illegally.
She said even those who get injured while setting off firecrackers would not be spared jail time.
In the context of Scenario B, the non-preservation argument takes the following form: though the Bank may have the contractual right to extinguish Al's deposit account balance by setting off the operating line against it, this fact alone does not transform such right into a security interest in Al's deposit account.
Charges over the setting off of fireworks and throwing of objects have also been levelled at the Royal Belgian Football Association after their 3-0 victory over the Republic of Ireland.
Chinese welcomed the arrival of the Year of the Snake with raucous celebrations over the weekend, setting off a cacophony of firecrackers in the streets and sending fireworks blazing into the sky to bring good fortune.
A Tunisian opposition leader critical of the Islamist-led government was shot dead Wednesday in the north African country that gave rise to the Arab Spring, setting off anti-government riots that left the capital Tunis choked with tear gas and patrolled by armored cars.
He now plans to repeat the feat, setting off at 8am on Monday, in a bid to hand in another letter to Downing Street and keep his campaign in the public spotlight.
With no training planned tomorrow, managers, coaching staff and players will spend the early part of the day with their families before setting off for Hertfordshire by coach in the early evening.
Charbel's statement said that the phenomenon of setting off fireworks during all occasions, particularly social, national and religious ones, has become common across the country.
After setting off the security alarm, Sir Paul McCartney's ex-wife was led to a seat.
Northumberland Fire and Rescue Service wants people to enjoy themselves in a safe environment at displays, many of which are free to attend, rather than setting off fireworks in their gardens or building bonfires themselves.
If it can't be avoided, try setting off early in the day or leave late in the afternoon to avoid the traffic congestion.