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In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. [1] [2] It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. [3]
The banker's right to combine accounts has been recognised at appellate level by the courts of various other common law jurisdictions, including Australia, [4] Canada, [7] Guyana [12] and Singapore. [11] However, there does not appear to be any corresponding general right in civil law jurisdictions outside of the conventional right of set-off.
Marshalling is an equitable doctrine applied in the context of lending. It was described by Lord Hoffmann as: [A] principle for doing equity between two or more creditors, each of whom are owed debts by the same debtor, but one of whom can enforce his claim against more than one security or fund and the other can resort to only one.
Financial law is the law and regulation of the commercial banking, capital markets, insurance, derivatives and investment management sectors. [1] Understanding financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
The rule is particularly problematic in the consumer debt context where a business offers to finance a consumer purchase by accepting a promissory note signed by a consumer for part or all of the balance in lieu of tender of the full cash price, then sells the note to a bank (technically, by selling an assignment of its rights in the note) in ...
Wells Fargo is a good bank if you want an option with numerous banking services, multiple account options, and online and physical nearness. Those interested in high yields on their deposits or ...
The precise effect of a banker's lien varies according to the laws of a particular jurisdiction. Under English common law it applies to all property coming into the possession of the bank in the usual course of banking business, [1] subject to the important exception that it does not apply to property which is deposited with the bank for safe ...
Americans spent the summer eagerly awaiting two pivotal political statements.. The first was Taylor Swift’s endorsement of Kamala Harris, who ascended to the top of the Democratic ticket after ...