WebSet-off (law) In law, set-off or netting are legal techniques applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. … Webset off/out phrasal verb with set verb uk / set / us / set / present participle setting past tense and past participle set B2 to start a journey: What time will we have to set off for …
Set-off Definition & Meaning Merriam-Webster Legal
WebSetoff. 1. The right of someone who owes money to subtract from the debt any money owed in the other direction. 2. A defedant's monetary demand against the plaintiff for some injury unrelated to the plaintiff's claim. wex. COMMERCE. commercial law. commercial activities. Web15 Nov 2024 · ADVERTISEMENT. 2) In a Legal set-off, the defendant can claim set-off as a right and the court is obligated to entertain and adjudicate upon the claim. Whereas, in Equitable set-off, the court has the right or discretion on whether to allow the claim of set-off to proceed or just refuse ab initio. The defendant cannot claim it as a right. rays box score last night
Set off - definition of set off by The Free Dictionary
Web1 Oct 2015 · Set-off can be insolvency, contractual, equitable (or transaction ), statutory (or legal) or retainer (sometimes referred to as the rule in Cherry v Boultbee (1839) 41 ER … Web20 Jan 2024 · Set Off & Counter Claim. The distinction between set-off and counter-claim may now be noted : Set-off is a statutory defence to a plaintiff’s action, whereas a counterclaim is substantially a cross-action. Set-off must be for an ascertained sum or must arise out of the same transaction as the plaintiff’s claim. WebDefinition of set somebody off in the Idioms Dictionary. set somebody off phrase. What does set somebody off expression mean? Definitions by the largest Idiom Dictionary. rays box office number