Law Dictionary

set–off

noun \ˈset-ˌȯf\

Legal Definition of set–off

  1. 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. 2a :  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


Seen and Heard

What made you want to look up set–off? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

a rounded knoll or a ridge of ice

Get Word of the Day daily email!