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Set off is the right of a debtor who is owed money by his creditor on another account or transaction to secure payment for what is owed to him by setting this off in reduction of his own liability.
What is a right to set-off?
Upon receipt of a garnishment summons from a private-party creditor, a financial institution may exercise a right of setoff to apply the funds in the deposit account to the outstanding obligations owing to the financial institution before releasing any funds to the private-party creditor.
What is the set aside law in California?
Under CCP 473(b), the court may set aside a default and default judgment if the defendant asking for the set aside presents enough evidence to the court to demonstrate that the default was entered by inadvertence, mistake, surprise, or excusable neglect.
How long do you have to set aside an entry of default in California?
If the court sent a Notice of Entry of Default If the court has your address, the clerk mails you a Notice of Entry of Default. If they sent this, you must file and serve the request to set aside within 180 days from the date you were served that notice.
What happens when a decision is set aside?
When a court renders a decision of another court to be invalid, that verdict or decision is set aside; see also annul or vacate . The phrase is often used in the context of appeals , when an appellate court invalidates the judgment of a lower court. For example, in Eckenrode v.
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A. Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from a claim it has against the debtor arising out of a separate transaction. Recoupment differs in that the opposing claims must arise from the same transaction.
What is the right of setoff in California?
The equitable doctrine of offset (sometimes instead referred to as a right of setoff) has been codified in California law as Code of Civil Procedure section 431.70: Where cross-demands for money have existed between persons at any point in time when neither demand was barred by the statute of limitations, and an
Related links
Code of Civil Procedure Section 473.5: Setting Aside
by RB Gex IV 1970 4 Today most jurisdictions have special provisions permit- ting a defendant to set aside a default judgment upon application within a limited time, if he can
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