set-off

1 of 2

noun

ˈset-ˌȯf
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 sense 2

set off

2 of 2

transitive verb

: to reduce or discharge by set-off : offset

Dictionary Entries Near set-off

Cite this Entry

“Set-off.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/set-off. Accessed 30 May. 2024.

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