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, […]