the ability to discharge or reduce a debt by applying a counter claim between the same parties. For example, a bank which has lent money to a debtor may attempt to satisfy some or all of the loan by seizing the debtor's deposits at the bank (Glossary of Common Bankruptcy Terms)
United Glossary of Bankruptcy Terms 2012.
Glossary of Bankruptcy.
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set-off — index counterclaim, drawback Burton s Legal Thesaurus. William C. Burton. 2006 set off … Law dictionary
Set-off — n. [Set + off.] 1. That which is set off against another thing; an offset. [1913 Webster] I do not contemplate such a heroine as a set off to the many sins imputed to me as committed against woman. D. Jerrold. [1913 Webster] 2. That which is use … The Collaborative International Dictionary of English
set off — vt: to reduce or discharge by set off: offset Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. set off … Law dictionary
Set-off — can refer to the following:* Set off (law), the reduction of a claim by deducting the amount of a valid countervailing claim* Set off (architecture), the horizontal line shown on a floorplan indicating a reduced wall thickness, and consequently… … Wikipedia
set–off — / set ˌȯf/ n 1: the reduction or discharge of a debt by setting against it a claim in favor of the debtor; specif: the reduction or discharge of a party s debt or claim by an assertion of another claim arising out of another transaction or cause … Law dictionary
set|off — «SEHT F, OF», noun. 1. a thing used to set off or adorn; ornament; decoration. SYNONYM(S): trimming. 2. something that counterbalances or makes up for something else; compensation; offset. 3. a) … Useful english dictionary
set off — ► set off 1) begin a journey. 2) cause (a bomb or alarm) to go off. 3) serve as decorative embellishment to. Main Entry: ↑set … English terms dictionary
set-off — setˈ off noun 1. A claim set against another 2. A crossclaim which partly offsets the original claim 3. A counterbalance 4. An ornament 5. A contrast, foil 6. A setting forth 7. An offset (architecture and printing) • • • … Useful english dictionary
set off — verb 1. put in motion or move to act (Freq. 4) trigger a reaction actuate the circuits • Syn: ↑trip, ↑actuate, ↑trigger, ↑activate, ↑spark off, ↑ … Useful english dictionary
set off — Synonyms and related words: actuate, adjoin, adorn, allocate, allot, analogize, analyze, anatomize, appoint, appropriate to, array, assign, assign to, assimilate, atomize, atone for, backfire, balance, be at cross purposes, be off, be opposed to … Moby Thesaurus