Calendar of Events

Right of Setoff

03/22/2018, 10:00 AM to Noon

No location provided

Amy Davis adavis@msbankers.com 601-948-6366

Description:

Right of Setoff


Presented by Terri D. Thomas
Thursday, March 22nd, 2018
10:00 am - 12:00 pm CT


Covered Topics

  • What are the legal requirements to create a "right of setoff?"
  • What is the difference between a contractual right of setoff and a statutory right of setoff?
  • What are the differences between setoff, garnishment, and foreclosure of security interest, and why are these terms frequently misused?
  • What happens when a third party is competing with your financial institution's right of setoff?
  • How does the automatic stay in bankruptcy affect the right of setoff?
  • When is the right of setoff absolutely prohibited?
  • How to handle notice to the customer?
  • What is sample contractual language that can help your financial institution exercise its setoff rights?
  • What are the liabilities that can be incurred when setoff is done incorrectly?
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