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#252867 - 10/05/04 08:51 PM Set-Off Rights
OhioComply Offline
Junior Member
Joined: Sep 2004
Posts: 36
The Heart of It All
Where can I find information to determine when our bank can use set-off rights? I want to be sure that our remedies for collection are properly worded in our loan and deposit agreements.

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#252868 - 10/27/05 10:04 PM Re: Set-Off Rights
kenyonlord Offline
New Poster
kenyonlord
Joined: Jun 2005
Posts: 22
Ohio
The Ohio Revised code is where you'll find this information. Ohio has adopted the UCC, as most states have, and a bank's set off rights are outlined in section 4 of the UCC--look around 1304 of the ORC for what you're interested.

You may vary any setoff right (as well other things may be varied also) by agreement (ORC 1304.03) so long as you don't try to get out of your duty of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure.

Hope that helps. Both the UCC and ORC are available in full text online for free. Just google em
Last edited by kenyonlord; 10/27/05 10:05 PM.
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