What Is A Set Off Account?

What are set off rights?


Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from a claim it has against the debtor arising out of a separate transaction..

What is set off applied?

The common-law principle of set-off is applied when two people owe each other and the debts are extinguished by setting them off against each other. The banks apply this by transferring funds deposited into a consumer’s account to settle debts on credit agreements without the consumer’s authorisation.

What is a no set off clause?

A properly drafted “no set off” clause can prevent a defendant from relying on legal or equitable set off as a defence to claims for payment.

What is the difference between set off and counter claim?

An equitable set-off is a claim by the defendant in defence, which generally cannot exceed the plaintiff’s claim. A counter-claim the defendant may, however, exceed the plaintiff’s claim, being in nature of the cross action.

How do you use set off?

Example SentencesWe would like to set off for Paris by 10 o’clock tomorrow morning.As soon as the alarm went off it set off the dogs. … The fact that he cannot remember to take his books to school really sets me off.Do not mention the football match.More items…

What is the phrasal verb of set off?

intransitive to start a journey, or to start going in a particular direction. We set off early the next morning. Synonyms and related words.

What is the opposite of set off?

▲ Opposite of to activate, or to put into motion. cut. deactivate.

What is another word for set off?

What is another word for set off?activatestartstart offoperatemake activegalvanizeUSmotivateenergizeUSkick-startfire up40 more rows

What does setoff mean?

(Entry 1 of 2) 1 : something that is set off against another thing: a : decoration, ornament. b : compensation, counterbalance.

Is set off one word?

If you want a verb, write it as two separate words: set off. … According to Black’s, offset (the noun) means “Something (such as an amount or claim) that balances or compensates for something else; SETOFF.”

Are set in meaning?

From Longman Dictionary of Contemporary Englishset in phrasal verbSTART TO HAPPEN, EXIST ETCif something sets in, especially something unpleasant, it begins and seems likely to continue for a long time Winter seems to be setting in early this year.