Set-off: Difference between revisions

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 ===Easy, tiger.===
-Don’t exercise a [[set-off]] right willy nilly. Unless you are [[settlement netting]] (where on a given day I owe you a sum, you owe me a sum, and we agree to settle by one of us paying the other the difference) [[set-off]] is a drastic remedy which will be seen as enemy action. You would not do it, without agreement, to any client you expected to keep. So, generally, as a remedy it only arises following an [[event of default]]. See, for example, {{isdaprov|Set-off}} in the {{2002ma}} under Section {{isdaprov|6(f)}}. So you don’t just do it for the hell of it.
+{{Set off capsule}}
+See, for example, {{isdaprov|Set-off}} in the {{2002ma}} under Section {{isdaprov|6(f)}}. So you don’t just do it for the hell of it.
 ===General terms===
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 ''You can’t contract out of [[insolvency set-off]] under {{t|English law}}.''
 {{insolvency set-off capsule}}
-===[[Banker’s set-off]] (a.k.a ''[[combination of accounts]]''===
+===Banker’s right to [[combination of accounts|combine accounts]]===
-This arises where a customer has multiple bank accounts some of which are in debit and some in credit. It is also known as the [[combination of accounts]]. It is arguably available in any situation where one party has multiple accounts with another.
+{{combination of accounts capsule}}
-Discussed in some detail in {{cite|Fearns|Anglo-Dutch Paint and Chemical Company Limited|2010|EWHC|2366}}.
-The question arises as to whether it is available across multiple currencies.
 ===[[Equitable set-off]]===
 This is a self-help remedy available to a debtor whose cross-claim arises from the same transaction (or a closely related transaction) as the original debt. Under this device a debtor simply deducts its claim from the debt it owes and tenders any balance to the creditor. The sums in question must be due or, if representing unliquidated damages, a [[good faith]] and reasonable assessment of the loss. (Contrast with set off at law, which requires the claims to be determined by judgment of the courts).