LETTER OF SETOFF
\lˈɛtəɹ ɒv sˈɛtɒf], \lˈɛtəɹ ɒv sˈɛtɒf], \l_ˈɛ_t_ə_ɹ ɒ_v s_ˈɛ_t_ɒ_f]\
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A bank obtains borrower's written consent to seize an account for non-payment of a loan or other obligations. If a bank believes its normal, lawful right to setoff may be challenged, it requires this letter. Offsets credit balance of one account with the debit balance of another. Also known as lien letter.
By Henry Campbell Black
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