Legal definition of set off
NettetThe meaning of SET-OFF is the reduction or discharge of a debt by setting against it a claim in favor of the debtor; specifically : the reduction or discharge of a party's debt … NettetSet-off may be divided into the following categories: Legal set-off. This can only be resorted to as a defence to a court action and is available where the two claims are …
Legal definition of set off
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Nettet13. mar. 2024 · Prior to start Adobe Premiere Pro 2024 Free Download, ensure the availability of the below listed system specifications. Software Full Name: Adobe … Nettet20. jun. 2024 · 1. Legal set off. The legal set off is provided in the Order VIII Rule 6 (1) of the Code of Civil Procedure, 1908, and all the essential elements present in the Rule 6 …
NettetSetoff 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 … NettetSet-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 …
NettetSetoff 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 ... NettetSET-OFF TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed. A counter-claim or cross-demand ; a claim or demand which the defendant in an action sets off against …
Nettet22. nov. 2024 · In certain circumstances, where two parties have monetary debts against each other, the right to set-off may arise. A right of set-off allows a (“Party 1”) to take into account the amount owed to it by the second party (“Party 2”) against any amount owed by Party 1 to Party 2, each party must be a debtor and a creditor.
Nettet1. To ignite or cause something to explode. Kids in the area have been setting off fireworks all night long. The police set a small bomb off to force the door open. 2. To … quick and easy christmas treatsNettetSET-OFF Defalcation; a demand which a defendant makes against the plaintiff in the suit for the purpose of liquidating the whole or a part of his claim. A set-off was unknown to … ships in poole harbourNettet54 minutter siden · A Donald Trump-appointed judge in Texas set off abortion access chaos with a power grab ruling. The Supreme Court on Friday blocked restrictions from … quick and easy christmas dinnerNettetSetoff. 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 … quick and easy christmas giftsNettetDefinition of set off in the Idioms Dictionary. set off phrase. What does set off expression mean? Definitions by the largest Idiom Dictionary. Set off - Idioms by The Free … ships in plymouth sound todayNettet6. aug. 2024 · Example: when the right of set off arises, if B owes A £800,000, but A in fact owes B £200,000, B can set off that £200,000 when A claims its £800,000, and pay to A only the balance of £600,000. ships in pearl harbor todayNettetset sth off. phrasal verb with set verb uk / set / us setting set set. to cause an activity or event, often a series of events, to begin or happen: Cheap money set off a boom in … ships in plymouth today