“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.
This webinar does NOT discuss the procedures mandated by particular state laws.
- 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?
Who Should Attend?
All loan and deposit personnel, bank counsel and compliance officers.
Live Plus Five – $265
Register for the live event and get five days access to the OnDemand Playback. You’ll have opportunity to ask questions during the presentation and be free to review the content for the next five business days. Registration also includes links to presenter materials, handouts, and pdfs.
OnDemand Recording Only – $295
Includes a weblink for unlimited viewing for 6-months after the date of the webinar as well as a link to handouts. Does not include live session.
CD-ROM and Hardcopy Handouts – $345
CD-ROM plus Hardcopy Handouts. Does not include live session.
Live Plus Six – $365
Attend live; includes six months access to OnDemand playback. Combine the advantages of live attendance with an unlimited number of replays for the next six months.
Premier Package – $395
Includes all three options above. Live session, OnDemand Weblink, and CD-ROM plus Hardcopy Handouts.
Want your branches to participate? Facilities within your organization will be able to participate without the travel costs of coming to one location.