Common use of Offset and discharge Clause in Contracts

Offset and discharge. In the event that the agreement is terminated by the Bank according to Article 18, the Bank may take whatever deposits and debt entitlements the cardholder has over the Bank to settle any debts that cardholder owes to the Bank. (For check deposit accounts, the terms and conditions of the General Agreement for Account Opening allow the Bank to exercise its right of set off only after the check deposit account agreement is terminated) This offset shall be effected from the time the accounting entries are made. Once the Bank has exercised its right of offset, the cardholder's passbook, certificate of deposit and other debt entitlement certificates shall no longer serve as valid proof of possession where offset applies. If the amount of property does not cover all debts the cardholder has owed to the Bank, then the offset shall proceed according to the priorities outlined in Articles 321 to 323 of the Civil Code. However, the Bank may specify a priority of offset that supersedes Article 323 of the Civil Code if it works in the cardholder's favor.

Offset and discharge. In the event that the agreement is terminated by the Bank according to Article 1822, the Bank may take whatever deposits and debt entitlements the cardholder has over the Bank to settle any debts that cardholder owes to the Bank. (For check deposit accounts, the terms and conditions of the General Agreement for Account Opening allow the Bank to exercise its right of set off only after the check deposit account agreement is terminated) This offset shall be effected from the time the accounting entries are made. Once the Bank has exercised its right of offset, the cardholder's passbook, certificate of deposit and other debt entitlement certificates shall no longer serve as valid proof of possession where offset applies. If the amount of property does not cover all debts the cardholder has owed to the Bank, then the offset shall proceed according to the priorities outlined in Articles 321 to 323 of the Civil Code. However, the Bank may specify a priority of offset that supersedes Article 323 of the Civil Code if it works in the cardholder's favor.

Offset and discharge. In the event that the agreement is terminated by the Bank according to Article 1822, the Bank may take whatever deposits and debt entitlements the cardholder has over the Bank to settle any debts that cardholder owes to the Bank. (For check deposit accounts, the terms and conditions of the General Agreement for Account Opening allow the Bank to exercise its right of set off only after the check deposit account agreement is terminated) This offset shall be effected e fected from the time the accounting entries are made. Once the Bank has exercised its right of offset, the cardholder's passbook, certificate of deposit and other debt entitlement certificates shall no longer serve as valid proof of possession where offset applies. If the amount of property does not cover all debts the cardholder has owed to the Bank, then the offset shall proceed according to the priorities outlined in Articles 321 to 323 of the Civil Code. However, the Bank may specify a priority of offset that supersedes Article 323 of the Civil Code if it works in the cardholder's favor.