1. In general, the legal right to reduce the amount owed by one party to another party by the sum that the second party also owes to the first party. 2. The confiscation of a deposit. Held by a borrower to offset some or all of the amounts owed by the depositor the depository institution for defaulted loans. A common law right that is usually blocked or reversed by a bankruptcy court.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). set off. Retrieved September 20, 2026, from http://smartdefine.org/set_off/definitions/1163364 |
| Chicago | Barry Goldsmith. 2010. "set off" http://smartdefine.org/set_off/definitions/1163364 (accessed September 20, 2026). |
| Harvard | Barry Goldsmith 2010, set off, Smart Define, viewed 20 September, 2026, <http://smartdefine.org/set_off/definitions/1163364>. |
| MLA | Barry Goldsmith. "set off" 21 October 2010. Web. 20 September 2026. <http://smartdefine.org/set_off/definitions/1163364> |