Exercising the Right of Setoff Against Deposit Accounts
On-Demand Webinar:
StreamedNov 22, 2022Duration90 minutes
- 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
Setoff is one of the remedies that can be used to collect past-due loans.
But do
you understand all the steps that must be taken before this right can be
exercised? Learn the details, best
practices, and methods with this informative webinar.
AFTER
THIS WEBINAR YOU’LL BE ABLE TO:
- Explain the legal requirements that must be satisfied before your institution is permitted to exercise the right of setoff
- Understand the differences between a contractual right of setoff and a common law right of setoff
- Distinguish the right of setoff from the foreclosure of a security interest, and when it is best to use each method
- Determine when your institution can set off without violating the legal rights of other parties
- Identify which accounts are subject to setoff
WEBINAR DETAILS
Your institution has a common law right to set off
a depositor’s account for a debt the depositor owes to your institution if
certain legal requirements are satisfied.
In addition, your institution may have a contractual right of setoff, depending
on the wording of your deposit contracts.
If a debtor defaults on a loan, when can your institution apply money
from the debtor’s deposit account to pay past-due loan amounts? This webinar will explain the legal
requirements that must be satisfied and the specific steps that must be taken,
before exercising the right of setoff. This webinar also will explain what
happens if an account has multiple owners, as well as how to handle accounts
which are being garnished by other creditors.
WHO SHOULD ATTEND?
This informative session
is designed for personnel in the deposit or collections departments, including
deposit operations personnel, loan operations personnel, collectors, attorneys,
compliance officers, auditors, and managers.
TAKE-AWAY TOOLKIT
- Checklist of items that must be satisfied before setoff is permitted
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to
copyright. Transmission, retransmission, or republishing of any webinar to
other institutions or those not employed by your institution is prohibited.
Print materials may be copied for eligible participants only.
TESTIMONIALS
"The webinar was very clear and provided answers to outstanding questions our Credit Union has had. The delivery was very clear."
- Stephanie, Texas Dow Employees Credit Union
"The knowledge and communication skills of the speaker were excellent. Thank you for the opportunity to ask questions. I enjoyed it very much."
- Farah, United Nations Federal Credit Union
"Good Webinar, a lot of information was covered."
- Stephanie, Southwest Financial Federal Credit Union
Presented By
Spencer Fane LLP
© 2023 FINANCIAL EDUCATION & DEVELOPMENT, INC