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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]
Set-off may refer to: Set-off (architecture), horizontal line shown on a floorplan indicating a reduced wall thickness, and consequently the part of the thicker portion appears projecting before the thinner; Set-off (law), reduction of a claim by deducting the amount of a valid countervailing claim
The effect of set-off, as per Article 8.5, is that: [5] The relevant obligations are discharged; If obligations differ in amount, set-off discharges the obligations up to the amount of the lesser obligation. Set-off takes effect as from the time of notice.
Katko v. Briney, 183 N.W.2d 657 (Iowa 1971), is a court case decided by the Iowa Supreme Court, in which homeowners Edward and Bertha Briney were held liable for battery for injuries caused to trespasser Marvin Katko, who set off a spring gun set as a mantrap in an uninhabited house on their property. [1]
Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, [1] with its precise definition a matter of longstanding debate. [2] [3] [4] It has been variously described as a science [5] [6] and as the art of justice.
Cinco de Mayo is one of the holidays when it is legal for people to set off fireworks in Ohio.
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In finance, particularly relating to set-off, guarantees, or other simple and funded positions; the definition of payment is crucial to determining the legal exposure of parties. Several of the cases derive predominately from English and U.S. law, pertaining to the Lex mercatoria , and was developed when financial law historically focused on ...