right of offset

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Noun1.right of offset - (banking) the legal right of a bank to seize deposited funds to cover a loan that is in default
banking - engaging in the business of keeping money for savings and checking accounts or for exchange or for issuing loans and credit etc.
legal right - a right based in law
law, jurisprudence - the collection of rules imposed by authority; "civilization presupposes respect for the law"; "the great problem for jurisprudence to allow freedom while enforcing order"
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
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References in periodicals archive
Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short term highly liquid investments with initial maturities of three months or less at inception and bank overdrafts where a legal right of offset exists.
Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements
Because of this legal right of offset, the employer is able to subtract the resources of the pension/OPEB trust (fiduciary net position, or FNP) from its total pension/OPEB liability when calculating the net pension/OPEB liability that it reports on its government-wide statement of net position and its proprietary fund statement of net position.
Additional "trusts" related to pensions and other postemployment benefits
The right of offset allows a bank to help itself to funds from any of the accounts you hold with it, including products in joint names, if you miss repayments.
Don't get hooked; HIDDEN COST OF BANK ACCOUNTS
The proposal to require an unconditional legal right of offset and intent to settle net or simultaneously would have significantly increased the size of balance sheets for banks and other institutions that engage in significant derivative transactions.
IFRS convergence or divergence? Updating the MoU projects
This "right of offset" provision came to light in Eugene a year ago after Pacific Continental Bank seized $545,000 out of the accounts of a struggling construction company, Roberts Professional Construction Services, causing dozens of checks to bounce and nudging the company into bankruptcy, according to statements in subsequent bankruptcy proceedings.
End of a credit line
Starting in 2002, the customers filed lawsuits, including petitions to exercise their common law right of offset by deducting damages from the first contract barges against deferred amounts owed for the second contract barges.
Tax Court addresses claim of offset against deferred payments
Right of Offset: Realized investment losses can be used to offset realized gains--dollar for dollar.
Investment losses: use them to reduce taxes
Most businesses assume they can apply the right of offset to net a receivable and payable.
Restrictions on the right of offset
Should banks have the right of offset superior to those who have received outstanding checks?
Chapter 13, UCC and work groups on the horizon
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