setoff
Americannoun
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something that counterbalances or makes up for something else, as compensation for a loss.
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Accounting. a counterbalancing debt or claim, especially one that cancels an amount a debtor owes.
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Also called offset. Architecture.
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a reduction in the thickness of a wall.
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a flat or sloping projection on a wall, buttress, or the like, below a thinner part.
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something used to enhance the effect of another thing by contrasting it, as an ornament.
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Printing. offset.
Etymology
Origin of setoff
First recorded in 1615–25; noun use of verb phrase set off
Example Sentences
Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.
“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
He said that setting off under a swap agreement is permissible even after bankruptcy, although only if the right of setoff exists in the first place.
From BusinessWeek • Oct. 6, 2011
Even though a triangular setoff may be permissible under state law, it doesn’t work in bankruptcy because “the Bankruptcy Code imposes its own strict requirements,” Peck said.
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
She closed her eyes and slept, and presently they woke her and setoff.
From "The Golden Compass" by Philip Pullman
Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.
