WebSet-Off. A demand made by the defendant against the plaintiff that is based on some transaction or occurrence other than the one that gave the plaintiff grounds to sue. The set-off is available to defendants in civil lawsuits. Generally, civil actions are brought by plaintiffs seeking an award of damages for injuries caused by the defendant. WebThe word or phrase set off refers to cause to burst with a violent release of energy, or set in motion or cause to begin, or direct attention to, as if by means of contrast, or provoke or stir up, or put in motion or move to act, or leave. See
Set off - Idioms by The Free Dictionary
Webset off/out definition: 1. to start a journey: 2. to start a trip: . Learn more. WebSet-off, also sometimes "set off", is a legal event and therefore legal basis is required for the proposition that two or more gross claims are to be netted. Of these legal bases, a … grow option chart
Right of setoff definition — AccountingTools
Web25 Aug 2024 · The banker’s power to combine different accounts of a person against the debt it holds against the same person is called the right to set off. Some important requirements to initiate set-off are. All the funds must prima facie belong to the customer. When debt amounts are certain. When the debts are in the same rights. Web9 Feb 2014 · setoff, n., = (1) a counterdemand, generally of a liquidated debt growing out of an independent transaction for which a lawsuit might be maintained; or (2) the general … Web4 Oct 2024 · Set off. Set off in its simplest form is generally understood by legal practitioners and laypersons alike - it refers to the reduction or extinguishment of a claim by a co-existing counter-claim. ... It might be that the existence of such a counterclaim coupled with cogent evidence that the bank would, if paid, be unable to meet a judgment on ... filtered rayleigh scattering