“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.
Covered Topics
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.
Continuing Education Credits:
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
Terri D. Thomas, JD is the Director of the Kansas Bankers Association Legal Department, which specializes in providing compliance and legal assistance to Kansas banks.
Terri has worked with financial... read more.
INCLUDES 30 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a phone for the audio. You can type and send your questions to the instructor. And don’t worry if you miss the webinar, you can still view it for up to thirty days after it takes place!
Live Plus Twelve Months OnDemand Playback:
With this option, you will receive the live version, then you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The link will be available to you (and anyone else in the company) for up to twelve months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
Live, Twelve Months OnDemand Playback PLUS Digital Download:
By adding the Digital Download to your order, you will be adding access to make the webinar part of your training library. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides as well. Access to the Digital Download is for the life of your library.
