Set off

Set-off

Set-off, any counter-balance or cross-claim.A defendant's counter demand against the plaintiff, arising out of transaction independent of plaintiff's claim, Black's Law Dictionary, 7th Edn., p. 1376.The subject of a set-off under the former practice was a cross debt or claim, on which a separate action might be sustained, due to the party defendant from the party plaintiff. It was a defence crated by 2 Geo.2, c. 22, and had no existence at Common Law, and could only be pleaded in respect of mutual debts of a definite character, and did not apply to a claim founded in damages, or in the nature o a penalty, and the debt must have been due in the same right and between the same parties, and not a mere equitable demand. The defendant could not avail himself of a set-off, unless it were specially pleaded, and particulars thereof delivered with the plea.It is now provided by (English) R.S.C. 1883, Ord. XIX., r. 3, that a defendant in an action may set off or set up, by way of counter-claim a...

set-off

set-off 1 : the reduction or discharge of a debt by setting against it a claim in favor of the debtor ;specif : 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 ...

set-off

set-off 1 : the reduction or discharge of a debt by setting against it a claim in favor of the debtor ;specif : 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 ...

That which is set off against another thing an offset...

Counter-claim

Counter-claim, the word 'counter-claim' in s. 19(8) to (11) which is equated to a cross-suit, includes a claim if it is made in an independent suit filed earlier, Union of India, v. Abhijit Tea Co. (P.) Ltd., (2000) 7 SCC 357: AIR 2000 SC 2957 (2965). [Recovery of Debts due to Bank and Financial Institutions Act, 1993, s. 19(8) to (ii)]By (English) R.S.C. 1883, Ord. XIX., r. 3, under the (English) Judciature Act, 1873, s. 24 (3); replaced by the (English) Judicature Act, 1925, s. 39 (1) (a), subject to the provisions of Rule 15, Order XXI, (exclusion of counter-claim), a defendant in an action may set off, or set up by way of counterclaim, against the claims of the plaintiff, any right or claim, whether such set-off or counter-claim sound in damages or not, and such set-off or counterclaim shall have the same effect as across action, so as to enable the Court to pronounce a final judgment in the same action, both on the original and on the cross claim. (As amended by (English) R.S.C. N...

Accumulated loss

Accumulated loss, means so much of the loss of the amalgamating banking company under the head 'profits and gains of business or profession' (not being a loss sustained in a speculation business) which such amalgamating banking company, would have been entitled to carry forward and set off under the provisions of section 72 if the amalgamation had not taken place. [Income Tax Act, 1961 (43 of 1961), s. 72AA, Exp.]Means so much of the loss of the amalgamating banking company under the head 'Profits and gains of business or profession' is not being a loss sustained in a speculation business which such amalgamating bank company, would have been entitled to carry forward and set-off under the provisions of section 72 if the amalgamation had not taken place, [Income Tax Act, 1961, s. 72AA Explanation]...

Confusion, property by

Confusion, property by. Where goods of two persons are so intermixed that the several portions can no longer be distinguished; if the intermixture be by consent, it is supposed that the proprietors have an interest in common, in proportion to their respective shares; but if one wilfully intermix his money, corn, or hay, with that of another man, without his approbation or knowledge, or cast gold in like manner into another's melting-pot or crucible, our law allows no remedy in such a case, but gives the entire property without any account to him whose original dominion or property is invaded, and endeavoured to be rendered uncertain without his consent, 2 Bl. Com. 405. See also Vin. Abr. Justification (B) and Instit. of Justin. 1. Ii. tit. 1, ss. 27-34.As to the position where a person pays money held by him in a fiduciary character into his own banking account, see Re Hallett'' Estate, (1879) 13 Ch D 696; Sinclair v. Brougham, 1914 AC 398.By the (English) Solicitors Act, 1933 (23 & 24...

Solicitor

Solicitor, an officer of the Supreme Court of Judicature, who, and who only, is entitled to 'sue out any writ or process, or commence, carry on, solicit, or defend any action, suit or other proceeding' in any Court whatever (see (English) Solicitors Act, 1932, s. 45). 'Solicitor of the Supreme Court' was the title given by the (English) Judicature Act, 1843, s. 87, to all attorneys, solicitors, and proctors, and continued by (English) Solicitors Act 1932, s. 81. Prior to that Act, 'attorneys' conducted business in the Common Law Courts, 'solicitors' business in the Court of Chancery and 'proctors' ecclesiastical and Admiralty business; but it was the general practice, although any person might be admitted to practise as an attorney or solicitor only, to be admitted to practise as an attorney and solicitor also.Solicitors practise as advocates before magistrates at petty sessions and quarter sessions where there is no bar, in County Courts, at Arbitrations, at Judges' Chambers, Coroners...

Defalcation

A lopping off a diminution abatement deficit Specifically Reduction of a claim by deducting a counterclaim set off...

benefit

benefit 1 : something that provides an advantage or gain ;specif : an enhancement of property value, enjoyment of facilities, or increase in general prosperity arising from a public improvement general benefit : a benefit to the community at large resulting from a public improvement special benefit : a benefit from a public improvement that directly enhances the value of particular property and is not shared by the community at large NOTE: In proceedings for a partial taking for the purpose of a public improvement, the condemning authority may use a special benefit to the remaining land as a set-off against the landowner's damages for the taking. 2 in the civil law of Louisiana : a right esp. that serves to limit a person's liability benefit of dis·cus·sion : the right of a surety being sued to compel the suing creditor to sue the principal first benefit of di·vi·sion : the right of a surety being sued to compel the suing creditor to also sue the cosureti...

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