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#1262719 - 10/07/09 12:46 PM Right of Set-Off
Ward Offline
New Poster
Joined: Jul 2009
Posts: 22
I know everyone hates this topic (hard to find clear guidance).
Anyone want to take a crack at this?

Company A's checking acct is overdrawn and they want to close acct. One of the signers/owners of Company A also is signer/owner of Company B. Can I offset the OD balance against Company B?

My gut says no. I could see going after the signer/owner's personal accts, but not another business that has no real relationship with Company A.

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#1262988 - 10/07/09 03:58 PM Re: Right of Set-Off Ward
edAudit Offline
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,797
You are here
No

If the companies are Corporations you can not go after the individuals (signers or owners) as well.
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


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