Start Date: 3/25/2021 1:00 PM MDT
End Date: 3/25/2021 2:30 PM MDT
Your institution has a common law right to setoff a depositor’s account for a debt owed to your institution – if certain legal requirements are satisfied. In addition, your institution may have a contractual right of setoff – depending on the terms of your deposit contracts.
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 a joint owner? If your institution receives a garnishment from another creditor, can you setoff before honoring the garnishment? This webinar will answer these questions and more. Join us to learn the legal requirements that must be satisfied, and the steps required before exercising the right of setoff.
Attendance certificate provided to self-report CE credits.