1) n. also called a "setoff," the deduction by a debtor from a claim or demand of
a debt or obligation. Such an offset is based upon a counterclaim against the party
making the original claim. Example Harry Hardhead makes a claim or files a lawsuit
asking for $20,000 from Danny Debtor as the final payment in purchase of a restaurant;
as part of his defense Debtor claims an offset of $10,000 for alleged funds owed
by Hardhead for repairs Debtor made on property owned by Hardhead, thus reducing
the claim of Hardhead to $10,000. 2) v. to counterclaim an alleged debt owed by
a claimant to reduce the demand of that claimant.
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