Right of Setoff
"Right of Setoff" is used frequently in the banking industry when trying to collect on past-due debts owed by customers.
Unfortunately, many bankers 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.
- What are the legal requirements to create a “right of setoff?”
- What is the difference between a contractual right of setoff and a statutory right of setoff?
- What are the differences between setoff, garnishment, and foreclosure of security interest, and why are these terms frequently misused?
- What happens when a third party is competing with your financial institution’s right of setoff?
- How does the automatic stay in bankruptcy affect the right of setoff?
- When is the right of setoff absolutely prohibited?
- How to handle notice to the customer?
- What is sample contractual language that can help your financial institution exercise its setoff rights?
- What are the liabilities that can be incurred when setoff is done incorrectly?
All loan and deposit personnel, bank counsel and compliance officers.
“The speaker was very knowledgeable, current and a delight to listen to.” -Pamela B., Industrial Bank
“The topic was timely for us and clearly explained the right of setoff and when it could or could not be an avenue for collection.” -Dani L., ATL Federal Credit Union
Terri D. Thomas is Senior VP and Legal Department Director for the Kansas Bankers Association. Prior to this, she was with “Bankers Choice,” a financial consulting firm. Before this, Terri was employed in the financial industry for over twenty-three years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988.
Presently, she serves as an adjunct instructor at Washburn University School of Law and the University of Kansas School of Law and is a frequent seminar presenter for financial associations.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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