Set-off of mutual debts

Learn about the definition for this legal term.

What is Set-off of mutual debts?

Where two parties owe debts to each other, the value of each valid debt may be set off against the other claim, with the balance of the larger of the two debts still being owed.

Related Security Transactions And Mortgages Terms

Pass the Bar, Guaranteed

BarPrepHero Premium offers the most complete collection of real bar exam questions licensed directly from NCBE (the organization that writes the exam).
July 2023 Bar Exam starts in:
Days
Hrs
Mins
Secs
Study better now