setoff

noun set·off \ ˈset-ˌȯf \

Definition of setoff

1 :something that is set off against another thing:
2 :the reduction or discharge of a debt or claim by setting against it a distinct claim in favor of the debtor or party who is the object of the first claim (as in a lawsuit); also :the offsetting claim itself
3 :offset 7a

Examples of setoff in a Sentence

  1. the architect used stone carvings as setoffs for the building's marble facing

First Known Use of setoff

1621


set off

verb

Definition of set off

transitive verb
1 a :to put in relief :show up by contrast
c :to set apart :make distinct or outstanding
2 a :offset, compensate
  • more variety in the Lancashire weather to set off its most disagreeable phases
  • Geog. Jour.
b :to make a setoff of
  • the respective totals shall be set off against one another
  • —O. R. Hobson
3 a :to set in motion :cause to begin
b :to cause to explode
4 :to measure off on a surface
intransitive verb
:to start out on a course or a journey
  • set off for home

First Known Use of set off

circa 1598


Law Dictionary

set-off

noun \ ˈset-ˌȯf \

legal Definition of set-off

1 :the reduction or discharge of a debt by setting against it a claim in favor of the debtor; specifically :the reduction or discharge of a party's debt or claim by an assertion of another claim arising out of another transaction or cause of action against the other party
2 a :a right to seek reduction or discharge of a debt or claim by countering a party's claim with an independent claim
b :a counterclaim made by a defendant against a plaintiff for reduction or discharge of a debt by reason of an independent debt owed by the plaintiff to the defendant — compare recoupment 2

set off

transitive verb

legal Definition of set off

:to reduce or discharge by set-off :offset


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