ˈset-ˌȯf
1
: the reduction or discharge of a debt by setting against it a claim in favor of the debtor
specifically
: the reduction or discharge of a party's debt or claim by an assertion of another claim arising out of another transaction or cause of action against the other party
2
a
: a right to seek reduction or discharge of a debt or claim by countering a party's claim with an independent claim
b
: a counterclaim made by a defendant against a plaintiff for reduction or discharge of a debt by reason of an independent debt owed by the plaintiff to the defendant compare recoupment sense 2
: to reduce or discharge by set-off : offset
Love words? Need even more definitions?
Merriam-Webster unabridged
Share