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LSDefine

Simple English definitions for legal terms

equitable right to setoff

Read a random definition: dismissal without prejudice

A quick definition of equitable right to setoff:

An equitable right to setoff is when a bank can take money from a customer's account to pay off debts that the customer owes to the bank. It's like if you owe your friend money and they take it out of the allowance you owe them. A covenant is a promise or agreement, usually in a contract or deed. It can be a promise to do something or not do something. For example, if you promise to keep your yard clean, that's a covenant. If you promise not to sell your house to someone, that's also a covenant. Some covenants are binding on future owners of the property, while others are only between the original parties.

A more thorough explanation:

The equitable right to setoff is a legal term that refers to the right of a bank to cancel cross-demands. This is usually done by taking the amount owed by a customer from their deposit accounts. For example, if a customer owes the bank $100 and has $50 in their account, the bank can use the equitable right to setoff to take the $50 and apply it towards the customer's debt.

One example of the equitable right to setoff is when a customer has a loan with a bank and also has a deposit account with the same bank. If the loan becomes due and the customer has not paid it, the bank can use the funds in the deposit account to pay off the loan.

Another example is when a customer has multiple accounts with a bank, such as a checking account and a savings account. If the customer owes the bank money and has funds in both accounts, the bank can use the equitable right to setoff to take the funds from one account to pay off the debt in the other account.

equitable right | equitable subrogation

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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