82,890
edits
Set-off: Difference between revisions
no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 23: | Line 23: | ||
''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). | ||