setoff

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set·off

 (sĕt′ôf′, -ŏf′)
n.
1. Something, such as a decoration, that sets off something else by contrast.
2. Something that offsets or compensates for something else; a counterbalance.
3. A counterclaim that reduces or discharges the amount owed to a claimant.
4. Architecture See setback.
5. Printing See offset.

set•off

(ˈsɛtˌɔf, -ˌɒf)

n.
1. something that counterbalances or makes up for something else, as compensation for a loss.
2. a counterbalancing claim that cancels an amount a debtor owes.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.setoff - structure where a wall or building narrows abruptly
structure, construction - a thing constructed; a complex entity constructed of many parts; "the structure consisted of a series of arches"; "she wore her hair in an amazing construction of whirls and ribbons"

setoff

noun
References in classic literature ?
All that is very well," said Don Quixote; "but let the shoes and the blood-lettings stand as a setoff against the blows you have given him without any cause; for if he spoiled the leather of the shoes you paid for, you have damaged that of his body, and if the barber took blood from him when he was sick, you have drawn it when he was sound; so on that score he owes you nothing.
The court did not permit the setoff, although setoffs are generally
50) The ThyssenKrupp court made it clear on rehearing that its ruling is one of evidence and does not pertain to setoffs or other rules of damages.
The Czech Republic made it easier to deal with insolvency procedures by introducing further legal amendments to restrict setoffs in insolvency cases and suspending for some insolvent debtors the obligation to fi le for bankruptcy.
The government may assert counterclaims seeking setoffs based on a special pleas in fraud, under the False Claims Act or the Contract Disputes Act.
But some of ANB's claims are subject to setoffs on several lots that Curry reported are valued at $315,000.
While it's true that the overwhelming majority of asbestos cases settle, the existence of potential setoffs affects settlement negotiations.
In most cases, the parties will agree that PIP setoffs are to be a lied by the court post-trial.
The risks and uncertainties that may affect the performance and results of the company's business include, but are not limited to, the following: deterioration in the creditworthiness of counterparties, the availability of setoffs in bankruptcy, the bankruptcy of Enron's Panama subsidiary, the rejection or breach by Enron of any of its agreements, the nationalization of the Enron subsidiary or the power sector by the Government of Panama, inability to receive the proceeds of the Panama project's letter of credit, and the impact of the Enron bankruptcy on other parties that do business with Equitable.
Defendants repeatedly assert that because the instant plaintiff held two separate insurance policies, two setoffs should be allowed.
While it would seem unreasonable to assume that these will not be made in appropriate circumstances, this possibility could affect the utility of the setoffs incorporated in the penalty calculation.
Formerly an attorney with Weil, Gotshal & Manges LLP, he has advised clients on issues such as fraudulent transfers, preferences, setoffs, recoupment, substantive consolidation, equitable subordination, recharacterization, distribution priorities, claim allowance, fiduciary duties, and security law exemptions under the Bankruptcy Code.