Right of setoff is used frequently in the financial services industry when trying to collect on past-due debts owed by customers. Unfortunately, many don't understand the legal requirements and procedures necessary to use this process.
The risks of using the process incorrectly can be costly to your financial institution. On the other hand, successfully using the right of setoff can protect your financial institution from significant financial losses.
Do you know when the right of setoff is allowed and when it isn't? Do you know if your financial institution has a statutory or contractual right of setoff? Do you understand the financial risks of using your setoff rights incorrectly?
If you don't know the answers to these questions, make sure to attend this valuable webinar. (This webinar does not discuss the procedures mandated by particular state laws.)
What You'll Learn:- The legal requirements to create a right of setoff
- The difference between a contractual right of setoff and a statutory right of setoff
- The differences between setoff, garnishment, and foreclosure of security interest, and why these terms are frequently misused
- What happens when a third party is competing with your financial institution's right of setoff
- How the automatic stay in bankruptcy affects the right of setoff
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