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Part II Description of Interests, 8 Rights Not Including the Transfer or Retention of Title

From: The Law of Security and Title-Based Financing (2nd Edition)

Hugh Beale, Michael Bridge, Louise Gullifer, Eva Lomnicka

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From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 21 September 2020

Subject(s):
Insolvency set-off — Mutuality of claims — Contractual set-off
8.01 Set-off1 is the process by which a claim is reduced or eliminated upon account being taken of a cross-claim. To take a simple case, if A brings a claim against B for £100, and if B is able to set off against that claim a cross-claim for £50, then the claim is extinguished to the extent of that cross-claim. The claim would be eliminated altogether if the cross-claim were for £100. And if the cross-claim were for, say, £150, then as a matter of pleading the defendant would claim set-off for the first £100 and counterclaim for the remaining £50.2 B’s ability to...
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