setoff

American  

[set-awf, -of] / ˈsɛtˌɔf, -ˌɒf /

noun

1. something that counterbalances or makes up for something else, as compensation for a loss.

2. Accounting. a counterbalancing debt or claim, especially one that cancels an amount a debtor owes.

3. Also called offset.  Architecture.

   1. a reduction in the thickness of a wall.

   2. a flat or sloping projection on a wall, buttress, or the like, below a thinner part.

4. something used to enhance the effect of another thing by contrasting it, as an ornament.

5. Printing. offset.

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Etymology

Origin of setoff

First recorded in 1615–25; noun use of verb phrase set off

Example Sentences

“JPMorgan asserts, and the debtors admit, that ‘by virtue of such setoff rights, such funds may be subject to liens in favor of’” JPMorgan, it said.

From BusinessWeek • Nov. 1, 2011

Peck didn’t allow the setoff, saying required “mutuality” was lacking.

From BusinessWeek • Oct. 18, 2011

If a triangular setoff were permitted, the Lehman broker’s other creditors would be $23 million worse off.

From BusinessWeek • Oct. 6, 2011

Peck said that bankruptcy law requires mutuality, meaning that setoff only exists between the same two companies.

From BusinessWeek • Oct. 6, 2011

Three weeks later I received a letter announcing that I had a two-year setoff until seeing them again.

From "Hole in My Life" by Jack Gantos