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553

Setoff Doesn’t Apply to Mutual Debts and Credits in Agricultural Commodities

Second Circuit interprets PACA to preclude setting off debts and credits from the sale of perishable agricultural commodities.
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Triangular Setoff Barred (Again) in Delaware

A triangular setoff, valid under state law, is unenforceable in bankruptcy under Section 553(a).
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Exemption Claim Overrides the Government’s Right of Setoff, District Judge Says

Courts are divided when an exemption claim collides with the government’s right of setoff.

Two Circuits Agree on When Social Security Benefits Accrue

The Third and Seventh Circuits agree on a concept that limits a debtor’s ability to recover accrued Social Security benefits that are set off before bankruptcy.
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