Setoff

Setoff,

Definition of Setoff:

  1. Commerce: Debtors legal right to reduce the creditors claim by the amount the creditor (claimant) owes to the debtor.

  2. Banking: Banks legal right to seize a borrowers any account balance (except a sub-account balance) in the same bank to apply it toward the borrowers any loan in arrears, or in anticipation of a default. In some jurisdictions (such as the US), this right is not applicable to consumer and credit card loans.

  3. A step or shoulder at which the thickness of part of a building or machine is reduced.

  4. An item or amount that is or may be set off against another in the settlement of accounts.

  5. Litigation: Counterclaim by a defendant against the plaintiff on the basis of a transaction that is different from the one on which the plaintiffs claim is based. In legal terminology it is called equitable right to setoff.

  6. The unwanted transference of ink from one printed sheet or page to another before it has set.

Synonyms of Setoff

Abatement, Agio, Allowance, Antipode, Antipodes, Antipole, Antithesis, Antonym, Balance, Ballast, Bank discount, Breakage, Cash discount, Chain discount, Charge-off, Concession, Consideration, Contra, Converse, Counter, Counterbalance, Countercheck, Counterpoint, Counterpoise, Counterpole, Counterterm, Counterweight, Cut, Deduction, Depreciation, Discount, Drawback, Equipoise, Equivalent, Foil, Give-and-take, Impress, Impression, Imprint, Inverse, Kickback, Letterpress, Mackle, Makeweight, Obverse, Offcut, Offprint, Offset, Opposite, Opposite number, Outset, Outsetting, Outstart, Penalty, Penalty clause, Percentage, Premium, Price reduction, Price-cut, Print, Quid pro quo, Rebate, Rebatement, Reduction, Refund, Reissue, Reprint, Reverse, Rollback, Salvage, Setout, Something of value, Stamp, Start, Start-off, Starting, Takeoff, Tare, The contrary, The other side, Time discount, Tit for tat, Trade discount, Tret, Underselling, Vis-a-vis, Write-off

How to use Setoff in a sentence?

  1. Yesterday, he gave a speech to the Economic Club of Washington, in which he said he was ‘open’ to across-the-board budget cuts, and also endorsed finding set-offs to balance hurricane relief spending.
  2. The important ability to setoff was taken into consideration as the customer had been a lifelong member of the bank.
  3. One of our competitors suffered greatly when the bank employed a setoff to recoup their loses as our competitors profits suffered and they were unable to repay the loan they took out from the bank.
  4. I was not really into the idea of a setoff , but I knew that banks did their best to maintain a fair practice.

Meaning of Setoff & Setoff Definition

Setoff,

Setoff: What is the Meaning of Setoff?

  • In insurance, compensation or indemnity is a reasonable right that allows the parties to cancel or draw lots in their joint loan, which confirms the amount owed, deducts from each other and pays only the remaining amount. Do Compensation rights are present in insurance and insurance relationships and, like all rights, should be carefully planned and included in the contractual relationship.

Meanings of Setoff

  1. An item or value that may or may not be offset by someone in progress

  2. Steps or shoulders that reduce the thickness of a part of a building or machine.

  3. Accidental transfer of ink from a printed sheet or page before deletion

Sentences of Setoff

  1. In a speech at the Washington Economic Club yesterday, he said he was "open" to general budget cuts and advocated for compensation to cover humanitarian costs.

Setoff,

What is The Definition of Setoff?

  1. Setoff definition is: In reinsurance, compensation is a fair right that allows the parties to settle the amount owed, deduct from each other and forgive or reimburse their joint debt by paying only the remaining amount. Insurance and reinsurance relationships have compensation rights and, like all rights, must be carefully planned and included in the contractual relationship.

Setoff,

What is Setoff?

Definition of Setoff: In reinsurance, compensation is a fair right that allows the parties to forgive or reimburse their mutual debt by settling the amount owed, deducting each other and paying only the remaining amount. Compensation rights exist in the relationship between insurance and reinsurance and, like all rights, must be carefully planned and included in the contractual relationship.

Meanings of Setoff

  1. An item or value that is ongoing or can be offset by another.

  2. Step or shoulder where the thickness of a part of a building or machine decreases.

  3. Transferring ink from one printed sheet or page to another before lifting.