Question
Regarding the 'Right of Set-off', evaluate the following
statements: 1. It allows a bank to combine two accounts of the same customer to recover a debt. 2. The right can be exercised even if the debt is not yet due (future debt). 3. The accounts must be held in the same capacity (e.g., a personal account cannot be set off against a trust account). Which of the statements above is/are correct?Solution
Statement 2 is incorrect. The Right of Set-off can only be exercised for a debt that is currently due and certain. It cannot be used for future or contingent debts.
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