Event Calendar

Tuesday, February 20, 2024

Exercising the Right of Setoff Against Deposit Accounts Webinar

Date(s): February 20, 2024

Time: 9:00 AM  MST - 10:30 AM  MST

Setoff is one of the remedies that can be used to collect past-due loans. But do you understand the steps that must be taken before this right can be exercised? What are the legal requirements? Which accounts are subject to set off? What if there are multiple owners? Learn the details, best practices, and methods with this informative webinar. Your institution has a common law right to set off a depositor’s account for a debt the depositor owes to your institution if certain legal requirements are satisfied. In addition, your institution may have a contractual right of setoff, depending on the wording of your deposit contracts. If a debtor defaults on a loan, when can your institution apply money from the debtor’s deposit account to pay past due loan amounts? This webinar will explain the legal requirements that must be satisfied, and the specific steps that your institution must take, before exercising the right of setoff. This webinar also will explain what happens if an account has multiple owners and how to handle accounts which are being garnished by other creditors.
  • Explain the legal requirements that must be satisfied before setoff is permitted
  • Understand the differences between a contractual right of setoff and a common law right of setoff
  • Distinguish the right of setoff from the foreclosure of a security interest, and when it is best to use each
  • Determine when your institution can set off without violating the legal rights of other parties
  • Identify which accounts are subject to setoff
  • Checklist of items that must be satisfied before right of setoff is permitted
  • Employee training log
  • Interactive quiz
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits
This informative session is designed for any employee involved in the deposit or collection departments, such as deposit operations staff, loan operations staff, collectors, attorneys, compliance officers, auditors, and managers.
Advanced Collection Concepts, recording available
How to Handle & Respond to Subpoenas, Summonses, Garnishments & Levies, recording available
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.
Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.

1. Live Webinar Includes
  • Unlimited connections within your institution to the Live Webinar
  • Handout and Take-Away Toolkit
  • Available on desktop, mobile & tablet
  • Presenter’s contact info for follow-up
 2. On-Demand Webinar Includes
  • Recording of the Live Webinar
  • Available two business days following Live date
  • Handout and Take-Away Toolkit
  • Available on desktop, mobile & tablet
  • Free Digital Download, yours to keep
  • Share link with anyone at your institution
  • Presenter’s contact info for follow-up
3. Purchase the BOTH Option to receive all the benefits listed above! Full registration descriptions can be found here.

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