SET-OFF, contracts, practice. Defalcation; (q. v.) a demand which a defen-dant makes against the plaintiff in the suit for the purpose of liquidating the whole or a part of his claim.
Related Terms: Set-Off
In Goldwell, Justice Hayden wrote:
"The doctrines of setoff and recoupment are analytically similar, and often confused.
And when the defendant gives notice or pleads a set-off, he will be required to give a bill of the particulars of his set-off, on failure of which he will be precluded from giving any evidence in support of it at the trial.
in four decades, brought about several important changes: the new code simplified the procedures for filing petitions, modified the absolute priority rule giving secured creditors seniority over other creditors, limited creditor rights to Set-Off ...
offset : a claim or amount that reduces or balances another claim or amount : set-off [the creditor's own debt was an ] ;also : the reduction or balance achieved by such a claim ...
Cross-demand; counter-demand. A demand set up as against another demand on which claim is or can be made; a set-off, q.v.
Demandant. One who demands a thing as due; specifically, the plaintiff in a real action, as, partition.
a : the quality of a contract under which both parties are bound by obligations
b : the state of debts for purposes of set-off under bankruptcy law in which the debts are owed between the same parties standing in the same capacity ...
 See also: Law, Will, State, Term, Defend
  
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