Right of Setoff on Deposit Accounts & Loans: Legal Issues
- Unlimited & shareable access starting two business days after live stream
- Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
Your institution has a common law right to setoff a depositor’s account for a debt owed to your institution – if certain legal requirements are satisfied. In addition, your institution may have a contractual right of setoff – depending on the terms of your deposit contracts.
If a debtor defaults on a loan, when can your institution apply money from the debtor’s account to pay the loan? Does the debtor have to be notified beforehand? What if the debtor’s account has a joint owner? If your institution receives a garnishment from another creditor, can you setoff before honoring the garnishment? This webinar will answer these questions and more. Join us to learn the legal requirements that must be satisfied and the steps required before exercising the right of setoff.
Attendance certificate provided to self-report CE credits.
HIGHLIGHTS
- Legal requirements that must be satisfied before setoff is permitted
- Differences between a contractual right of setoff and a common law right of setoff, and when to use each
- Differences between setoff and foreclosure of a security interest, and how to choose the best method
- Situations when your institution can setoff without violating the other parties’ legal rights
- Learn which accounts and loans are subject to setoff
- TAKE-AWAY TOOLKIT
- Checklist of items to satisfy before setoff is permitted
- Employee training log
- Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for staff involved with deposits, garnishments, or collections, including deposit operations personnel, loan operations staff, collectors, attorneys, compliance officers, auditors, and managers.
Presented By
