Mutuality definition

Mutuality means that the debt being offset is due from the same person or entity to whom the person attempting to offset the debt owes an obligation.
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Mutuality means that the debt being offset is due from the same person or entity to whom the person attempting to offset the debt owes an obligation.48 Because of the mutuality requirement in section 553(a) of the Bankruptcy Code, courts have routinely held that triangular setoffs (i.e. when a party (A) offsets the debt owed by one party (B) against the debt owed to another party (C)) are impermissible in bankruptcy.49 Further, because each corporation is a separate entity from its affiliates, a subsidiary's debt may not be set off against the credit of a parent or other subsidiary, or vice versa, because no mutuality exists under the
Sample 1
Mutuality means that the contributors and the beneficiaries are identical. Since one cannot make profit by dealing with himself, there cannot be any taxable income wherever such concept applies.
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Examples of Mutuality in a sentence

  • Mutuality of obligation is also known as a “meeting of the minds.” Mutuality of obligation refers to the parties’ mutual understanding of and assent to the terms of their agreement.

  • ASYMMETRY OBSERVABLESThe relevant models for RD(*) and their predictions for these ratios were reviewed in the previous section.

  • The essential elements necessary to form a binding contract are usually described as: • An Offer;• An Acceptance (in strict compliance with the terms of the offer);• Legal Purpose/Objective;• Mutuality of Obligation (also known as the “meeting of the minds”);• Consideration; and• Competent Parties.

  • TIC models generally include a focus on the following: Safety; Trustworthiness and Transparency; Peer Support; Collaboration and Mutuality; Empowerment; Voice and Choice; and Cultural, Historical, and Gender Issues.

  • And the relationship should also model an effective Intentional Peer Support relationship by embracing a way of working together that Is based on a genuine (open and honest) Connection between the parties; welcomes and respects different Worldviews; understands that Mutuality means an absence of power or privilege in the relationship; and expects that Moving Towards recovery is a journey together.

  • Mutuality of obligation is said to be the obligation of the putative employer to provide work and the obligation of the putative employee to accept it.

  • The essential elements necessary to form a binding contract are usually described as:  An Offer; An Acceptance (in strict compliance with the terms of the offer); Legal Purpose/Objective; Mutuality of Obligation (also known as the “meeting of the minds”); Consideration; and Competent Parties.

  • Mutuality is the principle that if a signatory can enforce the forum selection clause against a non-signatory, then the non- signatory should be allowed to do the same.

  • The same concept can be described as “mutuality of obligation.” Mutuality of obligation refers to the idea that both parties make binding promises under the contract.

  • Mutuality of benefit shall be promoted whenever possible in implementing “twinning” and other activities of exchange, of experience and expertise among utilities.


More Definitions of Mutuality

Mutuality means that the debt being offset is due from the same person or entity to whom the person attempting to offset the debt owes an obligation.35 Because of the mutuality requirement in section 553(a) of the Bankruptcy Code, courts have routinely held that triangular setoffs (i.e. when a party (A) offsets the debt owed by one party (B) against the debt owed to
Sample 1
Mutuality means that fund members jointly accumulate the reserves required to provide benefits. The persons eligible to receive services shall have equal rights in re- spect of access. Each fund member has an ownership stake in the fund.
Sample 1
Mutuality means that the debt being offset is due from the same person or entity to whom the person attempting to offset the debt owes an obligation.40 Because of the mutuality requirement in section 553(a) of the Bankruptcy Code, courts have routinely held that triangular setoffs (i.e. when a party (A) offsets the debt owed by one party (B) against the debt owed to another party (C)) are impermissible in bankruptcy.41 Further, because each corporation is a separate entity from its affiliates, a subsidiary's debt may not be set off against the credit of a parent or other subsidiary, or vice versa, because no mutuality exists under the circumstances.42 Thus, in non-bankruptcy terms, setoff is only allowed between two parties—e.g. A owes B $500 and B owes A $400—who have mutual debts. Due to the “mutuality” requirement, setoff is not allowed between three parties, even if the other parties are affiliates of each other—e.g. A owes B $500 and C (B’s subsidiary) owes A $400—and even if the parties contractually agree that such debts may be set off.
Sample 1
Mutuality between parties.58 Maturity means that both obligations are already due. Where Bank A owes Bank B now, but Bank B owes Bank A tomorrow, there can generally be no setoff.59 Mutuality means that obligations must be owed between the same parties.60 A situation where Bank A owes $1 million to Bank B, and Bank B owes $1 million to Bank C, does not meet the requirement for mutuality, so Bank B would have to pay Bank C, and be paid by Bank A. To fulfill these rather strict requirements, banks can operate as members of a clearinghouse. Clearinghouse rules determine that all obligations are due at the end of the day (thereby fulfilling the maturity requirement) and all obligations are owed to and from the clearinghouse (thereby fulfilling the mutuality requirement).61 The largest payments clearinghouse in the U.S. dollar is called CHIPS and during 2020 it cleared about $1.5 trillion daily.62 Because it seems like reserves are not required for netting,63 netting appears to represent a kind of independence of bank money creation from public money. As discussed below, this mindset, emphasizing the importance of private arrangements, sits comfortably within the conventional view, and is one of the reasons for its abstraction from clearing.
Sample 1
Mutuality requirement means that the claims to be set off must be between the same parties in the same rights, that is, of the same character. In addition, such “mutuality” requirement means that the equitable or beneficial interest of the parties in the claims must be considered. So where a debt owed to the insolvent company has been assigned, set-off cannot be asserted in the insolvency of the assignor since the beneficial owner is no longer the assignor, but the assignee.
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Related to Mutuality

  • Success means that the Client’s claim is finally decided in his or her favour, whether by a court decision or an agreement to pay damages or in any way that results in the Client deriving a benefit from pursuing the Claim.

  • Reward means any goods, services, benefits, arrangements or other privileges (including, without limitation, miles on participating airline frequent flyer programs, payment of annual Cardmembership fees or rebate), as may be determined by the Bank in its reasonable discretion, which may be redeemed or obtained by the use of Points under the Program; and S$ means the lawful currency of the Republic of Singapore.

  • Rewards means any Merchandise Reward, Travel Reward, Gift Card Reward or Account Credit Reward that is available in this Program; and

  • Reciprocity means the reciprocal grant by one jurisdiction of operating rights or privileges in properly registered vehicles registered by another jurisdiction, especially but not exclusively including privileges generally conferred by vehicle registration.

  • Sexual motivation means that one of the purposes for which

  • Promote means advancing, furthering, advocating, or popularizing elective Abortion by, for example:

  • Incentives means those payments made by the Program Administrator to Customers pursuant to the Program and these Terms and Conditions.

  • Competitors means any Person who is not an Affiliate of a Loan Party and who engages (or whose Affiliate engages), as its primary business, in the same or similar business as a material business of the Loan Parties.

  • Marketplace means an online directory, catalog or marketplace of applications that interoperate with the Subscription Services.

  • Improve means to build, alter, repair, or demolish an improvement upon, connected with, or beneath the surface of any real property, to excavate, clear, grade, fill, or landscape any real property, to construct driveways and roadways, or to perform labor upon improvements.

  • Focus means limiting the number of items included in a curriculum to allow for deeper exploration of the subject matter.

  • Interests when used herein shall have the respective meanings specified in the Declaration of Trust of the Trust.

  • Key means any device designed and constructed to provide a method of operating a locking system which is designed and constructed to be operated only by that device.

  • Viability means that stage of human development when the life of the unborn child may be continued by natural or life-supportive systems outside the womb of the mother;

  • Stakeholders means the company’s employees, the employees of its subsidiaries, and other individuals, groups, communities or entities whose rights or interests are or could be affected by the products, services and operations of that company, its subsidiaries and its business relationships;

  • Sub-consultants means an entity to whom/which the Consultant subcontracts any part of the Services while remaining solely liable for the execution of the Contract.

  • Growth means the rating a school will receive based on longitudinally matched student data comparing current performance to the previous year’s for the purpose of determining student academic growth.

  • SCCs means the standard contractual clauses for the transfer of Personal Data to third countries pursuant to Regulation (EU) 2016/679 of the European Parliament and of the Council, and implemented by the European Commission decision 2021/914, dated 4 June 2021.

  • Supervisors means employees who primarily perform supervisory functions, including the requirement to make recommendations regarding any staff or personnel matter. These staff or personnel matters include, but are not limited to, such areas as selection, promotion, appraisal, discipline, transfer, staffing needs, work methods, changes in terms and conditions of employment, grievances, or the interpretation and administration of the applicable Collective Agreement. “Supervisors” includes employees in other employee classifications who perform supervisory functions.

  • Executive Management means the CEO and the CFO for purposes of administering this Plan.

  • Marker means an employee engaged in marking the position of pockets, buttons and/or button holes;

  • Workforce means employees, volunteers, trainees or other persons whose performance of work is under the direct control of a party, whether or not they are paid by that party.

  • Breadth (B means the maximum breadth of the ship, measured amidships to the moulded line of the frame in a ship with a metal shell and to the outer surface of the hull in a ship with a shell of any other material. The breadth (B) shall be measured in metres.

  • Colony means a hive and its equipment and appurtenances, including bees, comb, honey, pollen, and brood.

  • Backsiphonage means the flow of water or other liquids, mixtures or substances into the potable water system from any source other than its intended source, caused by the reduction of pressure in the potable water system.

  • DBE means the Diocesan Board of Education for the diocese within which the Academy is situated;