equitable right to setoff

equitable right to setoff. The right to cancel cross-demands, usu. used by a bank to take from a customer’s deposit accounts the amount equal to the customer’s debts that have matured and that are owed to that bank. See SETOFF. [Cases: Banks and Banking 134; Set-off and Counterclaim

8. C.J.S. Banks and Banking §§ 301–305, 312–313, 316; Set-off and Counterclaim§§ 3, 6.]

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