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setoff

[set-awf, -of] /ˈsɛtˌɔf, -ˌɒf/
noun
1.
something that counterbalances or makes up for something else, as compensation for a loss.
2.
Accounting. a counterbalancing debt or claim, especially one that cancels an amount a debtor owes.
3.
Also called offset. Architecture.
  1. a reduction in the thickness of a wall.
  2. a flat or sloping projection on a wall, buttress, or the like, below a thinner part.
4.
something used to enhance the effect of another thing by contrasting it, as an ornament.
5.
Printing. offset (def 7).
Origin
1615-1625
1615-25; noun use of verb phrase set off
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for setoff
  • Taxation is responsible for the automated setoff payments system.
  • Appellant appeals from the denial of her claim for a setoff.
  • setoff may be disallowed because of its adverse effect on other creditors during reorganization.
  • The trustee argues that the setoff is impermissible in this bankruptcy.
British Dictionary definitions for setoff

set off

verb (adverb)
1.
(intransitive) to embark on a journey
2.
(transitive) to cause (a person) to act or do something, such as laugh or tell stories
3.
(transitive) to cause to explode
4.
(transitive) to act as a foil or contrast to, esp so as to improve: that brooch sets your dress off well
5.
(transitive) (accounting) to cancel a credit on (one account) against a debit on another, both of which are in the name of the same person, enterprise, etc
6.
(intransitive) to bring a claim by way of setoff
noun
7.
anything that serves as a counterbalance
8.
anything that serves to contrast with or enhance something else; foil
9.
another name for setback See set back (sense 5)
10.
a counterbalancing debt or claim offered by a debtor against a creditor
11.
a cross claim brought by a debtor that partly offsets the creditor's claim See also counterclaim
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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12
12
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