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  3. Finance (general)

motregningsrett

English translation: set-off right

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Norwegian term or phrase:motregningsrett
English translation:set-off right
Entered by: paul farmer (X)

11:31 May 16, 2008
Norwegian to English translations [PRO]
Bus/Financial - Finance (general)
Norwegian term or phrase: motregningsrett
In the conditions for a loan agreement, there's a heading "betalinger og motregningsrett". There are no hits for this combination of words on Google, so it can't be a common part of such terms and conditions, and the worst thing is that the text under the heading is only about late interest payments and what to do if the payment day isn't a banking day - nothing specific about "motregningsrett", which I understand to be e.g. the bank's right to secure some money you owe in some deposits or investments you have. So, (a) what's a good English term for "motregningsrett" and (b) should I translate it at all when it's not directly mentioned in the text?
paul farmer (X)
Kenya
Local time: 01:08
set-off right
Explanation:
I think you should translate it, at least you should not leave it out without consultation with the client.


"Set-Off Rights Clarified
It is fairly common for a creditor, when suing a debtor, to seek to attach its bank account by way of trustee process in an attempt to obtain prejudgment security for the amount sued for. An Appeals Court recently answered a question of when a bank is served with a trustee process writ and it has accounts for the debtor and has a loan arrangement with the debtor, may the bank answer "no funds" and set-off the funds in the account against the debt owned the bank?"
Selected response from:

Bjørnar Magnussen
Local time: 00:08
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +2set-off right
Bjørnar Magnussen


  

Answers


23 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
set-off right


Explanation:
I think you should translate it, at least you should not leave it out without consultation with the client.


"Set-Off Rights Clarified
It is fairly common for a creditor, when suing a debtor, to seek to attach its bank account by way of trustee process in an attempt to obtain prejudgment security for the amount sued for. An Appeals Court recently answered a question of when a bank is served with a trustee process writ and it has accounts for the debtor and has a loan arrangement with the debtor, may the bank answer "no funds" and set-off the funds in the account against the debt owned the bank?"


    Reference: http://www.barronstad.com/res_024.html
Bjørnar Magnussen
Local time: 00:08
Specializes in field
Native speaker of: Native in NorwegianNorwegian
PRO pts in category: 169

Peer comments on this answer (and responses from the answerer)
agree  Adrian MM. (X): right of set-off
9 hrs
agree  brigidm: Try a search with "loan agreement" + right + set + off (right to set off" is also used)
1 day 23 hrs
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