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Your institution has the right to set-off a depositor’s account for a debt owed if certain legal requirements are satisfied. This webinar on Thursday, February 1, from 3:00 P.M. to 4:30 P.M., will explain these requirements and address the steps that must be taken before exercising the right of setoff.
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 more than one owner? If your institution receives a garnishment from another creditor, can your institution set-off before honoring the garnishment? Learn the answers to these questions and more.
For those participating in this webinar, you can expect to cover:
- Legal and regulatory explanation of the right of setoff
- Differences between contractual right of setoff and common law right of setoff
- Differences between setoff and foreclosure of a security interest
- Requirements that must be satisfied before setoff is permitted
- Which accounts and loans are subject to setoff?
After participating in this webinar, attendees will receive: A checklist of items that must be satisfied before setoff is permitted; employee training log; quiz you can administer to measure staff learning and a separate answer key.
This webinar is offered through the League's partnership with the CU Webinar Network. For more information or to register, please click here.