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''You can’t contract out of [[insolvency set-off]] under {{t|English law}}.'' | ''You can’t contract out of [[insolvency set-off]] under {{t|English law}}.'' | ||
{{insolvency set-off capsule}} | {{insolvency set-off capsule}} | ||
=== | ===Banker’s right to [[combination of accounts|combine accounts]]=== | ||
{{combination of accounts capsule}} | |||
===[[Equitable set-off]]=== | ===[[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). | 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). |