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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
"Charges against Celtic FC: - Setting off of fireworks - Art.
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.
The Hungarian Football Federation will have to answer charges of supporters setting off fireworks, throwing objects and being involved in crowd disturbances after Saturday's 1-1 draw with Iceland.
Sean Robinson, a spokesperson for United Utilities, said: "We have a problem in Liverpool, where kids are setting off hydrants and as we respond and send engineers to them, their vans are being stoned.
BY THE time this is printed bonny night will be over but that won't stop wee bams round my bit setting off fireworks for the next couple of weeks.
Adam Steed, Michael Keenan, Nick Louch, Rhys Jenkins and Toby Rattray, all 26, were taking pictures in front of Rome's Colosseum before setting off on their 1,000-mile charity cycle ride to Paris.
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.
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.