Search results
Results From The WOW.Com Content Network
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 legal term for this is the "right to offset," but many deposit agreements call it "setoff." Basically, this gives banks the right to withdraw money from your bank accounts and apply it against ...
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.
National Westminster Bank Ltd v Halesowen Presswork & Assemblies Ltd [1972] AC 785 is a decision of the House of Lords in relation to a banker's right to combine accounts under English law. [2] It is the leading English case and a banker's right to combine accounts, [3] and also an important decision relating to insolvency set-off. [4]
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 ...
The right of set-off in bankruptcy does not appear to rest on the same principle as the right of set-off between solvent parties. The latter is given by the statutes of set-off (2 Geo. 2, c. 22, [a] s. 13, and 8 Geo. 2, c. 24, [b] s. 4) to prevent cross actions; and if the defendant could sue the plaintiff for a debt due to him not in his ...
Bilateral netting in finance and investments is a legally enforceable arrangement between a bank and a counterparty that creates a single legal obligation covering all included individual contracts.
A jump in the unemployment rate to 4.3% in July from 3.7% at the start of the year saw the U.S. central bank kicking off its policy easing cycle with an unusually large half-percentage-point ...