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Q Q q BT /F5 1 Tf 9 0 0 9 151.605 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 151.62 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 157.695 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 157.71 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 162.285 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 164.895 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 164.91 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 171.465 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 171.48 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 175.575 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 178.155 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 178.17 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 184.245 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 184.26 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 188.835 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (B)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 188.85 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (B)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 193.935 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 193.95 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 198.525 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 198.54 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 203.145 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 205.725 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (W)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 205.74 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (W)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 214.305 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 214.32 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 220.425 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 220.44 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 222.495 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 222.51 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 228.585 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 228.6 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 234.705 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 237.285 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (G)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 237.3 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (G)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 243.885 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 243.9 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 245.985 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (V)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 246 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (V)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 251.565 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 251.58 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 256.155 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 258.765 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 258.78 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 263.865 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 263.88 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 265.935 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 265.95 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 270.525 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 270.54 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 275.115 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 277.725 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 277.74 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 282.315 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 282.33 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 288.915 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 291.495 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 291.51 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 296.085 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 296.1 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 302.205 228.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 302.22 228.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 102.165 216.135 Tm 0.58 0.17 0 0.46 k 0 Tc (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 102.18 216.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 107.205 216.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 107.22 216.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 109.245 216.135 Tm 0.58 0.17 0 0.46 k 0 Tc (G)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 109.26 216.15 Tm 1 Tr 0.58 0.17 0 0.46 K (G)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 115.785 216.135 Tm 0.58 0.17 0 0.46 k 0 Tc (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 115.8 216.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 121.845 216.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 121.86 216.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 126.375 216.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S BT /F4 1 Tf 10 0 0 10 102.024 203 Tm 0 0 0 1 k -0.005 Tc (A right to setoff usually arises when a debtor owes a)Tj 0 -1.3 TD (debt to a creditor and the creditor owes a debt to the)Tj T* (debtor. A creditor should keep track of all mutual)Tj T* (debts between it and its business partners or)Tj T* (customers, particularly those who are in poor)Tj T* (financial condition. In so doing, a creditor will be)Tj T* (able to recognize situations that will give rise to the)Tj T* (right of setoff. )Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.165 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (M)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.18 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (M)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 335.235 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 335.25 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 341.355 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (X)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 341.37 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (X)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 346.935 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 346.95 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 349.005 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (M)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 349.02 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (M)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 357.105 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 357.12 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 359.205 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (Z)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 359.22 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (Z)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 363.795 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 363.81 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 368.385 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 370.965 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 370.98 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 375.555 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 375.57 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 380.145 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 380.16 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 384.735 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 384.75 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 391.335 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 391.35 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 395.415 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 395.43 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 399.495 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 402.105 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 402.12 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 408.675 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 408.69 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 413.265 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 413.28 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 417.855 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 417.87 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 424.455 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 424.47 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 429.525 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 429.54 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 434.115 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 434.13 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 440.235 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 440.25 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 446.325 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 446.34 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 448.395 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 448.41 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 452.985 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 453 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 455.085 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 455.1 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 459.675 540.135 Tm 0.58 0.17 0 0.46 k 0 Tc (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 459.69 540.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET BT /F4 1 Tf 10 0 0 10 327.024 527 Tm 0 Tr 0 0 0 1 k -0.005 Tc (The Bankruptcy Code allows different sorts of debts)Tj 0 -1.3 TD (to serve as the basis for a setoff. Virtually any right)Tj T* (to payment can be a \223debt,\224 and the two \223debts\224)Tj T* (underlying a setoff need not be related except that)Tj T* (they should ordinarily be between the same two legal)Tj T* (entities. Because the Bankruptcy Code allows so)Tj T* (many varieties of debts to be offset against one)Tj T* (another, creditors need to think carefully about past)Tj T* (interactions with a bankrupt debtor. If a creditor can)Tj T* (identify any sort of claim for money or damages that)Tj T* (the debtor may have against the creditor, that creditor)Tj T* (may have identified an opportunity to take a setoff. )Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.165 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.18 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 331.755 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 331.77 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 336.855 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 336.87 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 341.445 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (-)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 341.46 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (-)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 344.535 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 344.55 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 349.125 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 349.14 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 353.715 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 353.73 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 358.305 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 358.32 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 360.405 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 360.42 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 364.995 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 365.01 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 367.065 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 367.08 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 373.665 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 373.68 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 379.755 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 382.365 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 382.38 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 386.955 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 386.97 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 391.545 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 391.56 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 396.135 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 396.15 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 402.735 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 402.75 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 406.815 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 406.83 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 410.895 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 410.91 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 415.485 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 418.095 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 418.11 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 424.185 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 424.2 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 429.285 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 429.3 360.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 433.875 360.135 Tm 0.58 0.17 0 0.46 k 0 Tc ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 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28.14 Tm 1 Tr 0 0 0 0.72 K (n)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 420.255 28.125 Tm 0 0 0 0.72 k ( )Tj ET q 0.27 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 9 0 0 9 422.745 28.125 Tm 0 0 0 0.72 k (G)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 422.76 28.14 Tm 1 Tr 0 0 0 0.72 K (G)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 429.255 28.125 Tm 0 0 0 0.72 k (r)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 429.27 28.14 Tm 1 Tr 0 0 0 0.72 K (r)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 432.735 28.125 Tm 0 0 0 0.72 k (a)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 432.75 28.14 Tm 1 Tr 0 0 0 0.72 K (a)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 437.745 28.125 Tm 0 0 0 0.72 k (h)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 437.76 28.14 Tm 1 Tr 0 0 0 0.72 K (h)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 443.235 28.125 Tm 0 0 0 0.72 k (a)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 443.25 28.14 Tm 1 Tr 0 0 0 0.72 K (a)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 448.215 28.125 Tm 0 0 0 0.72 k (m)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 448.23 28.14 Tm 1 Tr 0 0 0 0.72 K (m)Tj ET Q Q q BT /F1 1 Tf 7 0 0 7 459.045 28.095 Tm 0 0 0 0.72 k (L)Tj ET q 0.21 w BT /F1 1 Tf 7 0 0 7 459.06 28.11 Tm 1 Tr 0 0 0 0.72 K (L)Tj ET Q Q q BT /F1 1 Tf 7 0 0 7 462.435 28.095 Tm 0 0 0 0.72 k (L)Tj ET q 0.21 w BT /F1 1 Tf 7 0 0 7 462.45 28.11 Tm 1 Tr 0 0 0 0.72 K (L)Tj ET Q Q q BT /F1 1 Tf 7 0 0 7 465.855 28.095 Tm 0 0 0 0.72 k (P)Tj ET q 0.21 w BT /F1 1 Tf 7 0 0 7 465.87 28.11 Tm 1 Tr 0 0 0 0.72 K (P)Tj ET Q Q q BT /F1 1 Tf 7.458 0 0 7.458 478.2519 28.1019 Tm 0 0 0 0.72 k (|)Tj ET q 0.2237 w BT /F1 1 Tf 7.458 0 0 7.458 478.26 28.11 Tm 1 Tr 0 0 0 0.72 K (|)Tj ET Q Q q BT /F1 1 Tf 7.458 0 0 7.458 479.8119 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 481.8219 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 483.8019 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S BT /F1 1 Tf 7 0 0 7 485.9969 27.9845 Tm 0.58 0.17 0 0.46 k (DECEMBER 2005)Tj 10 0 0 10 102.9657 28.576 Tm 0 0 0 1 k (2)Tj /F4 1 Tf -0.09417 69.85955 TD -0.005 Tc (A creditor\222s pre-petition setoff will be valid so long)Tj 0 -1.3 TD [(as it complies with applicable state or n)20(o)20(n)20(-)20(b)20(a)20(n)20(k)20(r)20(u)20(p)20(t)20(c)20(y)]TJ T* (federal law that creates the right.)Tj 5 0 0 5 231.3052 704.5776 Tm 0 Tc (5)Tj 10 0 0 10 238.6803 701.1714 Tm -0.005 Tc (State law may list)Tj -13.66563 -1.3 TD (elements that a setoff transaction must contain, and it)Tj T* (will determine whether the debts involved in a setoff)Tj T* (are valid or not. )Tj 0 -1.9 TD (If a purported setoff transaction was not valid under)Tj 0 -1.3 TD (applicable state or non-bankruptcy federal law, then)Tj T* (it was never really a \223setoff.\224 Hence, the transaction)Tj T* (may be avoidable by the trustee of the bankrupt)Tj T* (estate during the bankruptcy case as either a)Tj T* (fraudulent transfer or a preference. )Tj /F8 1 Tf 9.25 0 0 9.25 102.024 560.1714 Tm 0 0.4 0.7 0.25 k 0.028 Tc (Disqualifying a Pre-petition Setoff)Tj /F4 1 Tf 10 0 0 10 102.024 547.1714 Tm 0 0 0 1 k -0.005 Tc (With three exceptions, all pre-petition setoffs that are)Tj 0 -1.30001 TD (valid under applicable state or non-bankruptcy)Tj 0 -1.3 TD (federal law are beyond the reach of the provisions of)Tj T* (the Bankruptcy Code. The Bankruptcy Code does,)Tj T* (however, reach back to disqualify three types of)Tj T* (setoffs. In this context, \223disqualify\224 means one of)Tj T* (two things: the Bankruptcy Code makes the setoff)Tj T* (either avoidable or directly recoverable by the)Tj T* (trustee. Consult counsel if a setoff looks like one of)Tj T* (these three varieties disqualified by the Bankruptcy)Tj T* (Code. )Tj /F9 1 Tf 5 0 0 5 102.024 398.1714 Tm 0 0.4 0.7 0.25 k 0 Tc (n)Tj /F4 1 Tf 10 0 0 10 110.6835 398.1714 Tm 0 0 0 1 k -0.005 Tc (The first type of setoff that the Bankruptcy )Tj -0.86595 -1.3 TD (Code will reach back to disqualify is the \223acquired)Tj T* (claim\224 setoff.)Tj 5 0 0 5 155.736 375.5776 Tm 0 Tc (6)Tj 10 0 0 10 168.0111 372.1714 Tm -0.005 Tc (An \223acquired claim\224 setoff right)Tj -6.59871 -1.3 TD (arises when a creditor obtains a claim against a)Tj T* (debtor via a transfer from a third party. An example)Tj T* (is when a creditor buys a debtor\222s debt from someone)Tj T* (else. If the transfer of this claim occurs within the)Tj T* (period beginning ninety days before the petition\222s)Tj T* (filing and while the debtor is insolvent,)Tj 5 0 0 5 256.8819 297.5776 Tm 0 Tc (7)Tj 10 0 0 10 261.8069 294.1714 Tm -0.005 Tc (the trustee of)Tj -15.97829 -1.3 TD (the bankrupt estate will be able to avoid any setoff so)Tj T* (taken.)Tj 5 0 0 5 125.8794 271.5775 Tm 0 Tc (8)Tj /F9 1 Tf 40.22892 91.11877 TD 0 0.4 0.7 0.25 k -0.009 Tc <956E>Tj /F4 1 Tf 10 0 0 10 334.5771 727.1714 Tm 0 0 0 1 k -0.005 Tc (The second type of setoff that the Bankruptcy Code)Tj -0.75531 -1.3 TD (will reach back to disqualify is the \223acquired debt\224)Tj T* (setoff.)Tj 5 0 0 5 351.9354 704.5776 Tm 0 Tc (9)Tj 10 0 0 10 361.7605 701.1714 Tm -0.005 Tc (An \223acquired debt\224 setoff right arises when)Tj -3.47365 -1.3 TD (a creditor of a debtor incurs a debt to that same)Tj T* (debtor while the debtor is insolvent and for the)Tj T* (purpose of obtaining a setoff right. If this debt)Tj T* (acquisition occurs within the period beginning ninety)Tj 0 -1.30001 TD (days before the petition\222s filing, the trustee will be)Tj 0 -1.3 TD (able to avoid any setoff so taken.)Tj 5 0 0 5 457.2195 626.5776 Tm (1)Tj 0.495 0.00001 TD (0 )Tj /F9 1 Tf -26.53411 -4.48124 TD 0 0.4 0.7 0.25 k 0 Tc (n)Tj /F4 1 Tf 10 0 0 10 333.2334 604.1714 Tm 0 0 0 1 k -0.005 Tc (Finally, the Bankruptcy Code makes portions of)Tj -0.62094 -1.3 TD (\223improvement in position\224 setoffs directly)Tj T* (recoverable by the trustee.)Tj 5 0 0 5 431.1679 581.5776 Tm (11 )Tj 10 0 0 10 439.7929 578.1714 Tm (This Bankruptcy Code)Tj -11.27689 -1.30001 TD (provision compares a creditor\222s actual pre-petition)Tj 0 -1.3 TD (setoff to a hypothetical setoff the same creditor could)Tj T* (have taken at earlier benchmark times \(beginning)Tj T* (ninety days before the filing of the petition\). The)Tj T* (Bankruptcy Code authorizes the trustee to recover the)Tj T* (difference between the actual setoff and the)Tj T* (hypothetical one if the actual was more advantageous)Tj T* (to the creditor than the hypothetical would have)Tj T* (been.)Tj 5 0 0 5 348.1511 464.5776 Tm (12)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.165 444.135 Tm 0.58 0.17 0 0.46 k (K)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.18 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (K)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 332.145 444.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 332.16 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 337.635 444.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 337.65 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 343.635 444.135 Tm 0.58 0.17 0 0.46 k (W)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 343.65 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (W)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 351.615 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 353.625 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 353.64 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 357.615 444.135 Tm 0.58 0.17 0 0.46 k (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 357.63 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 363.105 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 363.12 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 367.095 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 369.105 444.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 369.12 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 373.605 444.135 Tm 0.58 0.17 0 0.46 k (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 373.62 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 379.095 444.135 Tm 0.58 0.17 0 0.46 k (L)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 379.11 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (L)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 382.575 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 382.59 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 386.595 444.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 386.61 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 390.585 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 392.565 444.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 392.58 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 398.055 444.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 398.07 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 402.075 444.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 402.09 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 406.065 444.135 Tm 0.58 0.17 0 0.46 k (L)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 406.08 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (L)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 409.545 444.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 409.56 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 411.045 444.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 411.06 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 416.535 444.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 416.55 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 422.025 444.135 Tm 0.58 0.17 0 0.46 k (B)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 422.04 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (B)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 426.525 444.135 Tm 0.58 0.17 0 0.46 k (L)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 426.54 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (L)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 430.005 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 430.02 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 434.025 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 436.005 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 436.02 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 439.995 444.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 440.01 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 445.995 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 447.975 444.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 447.99 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 451.995 444.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 452.01 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 457.965 444.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 457.98 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 461.955 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 461.97 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 465.945 444.135 Tm 0.58 0.17 0 0.46 k (-)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 465.96 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (-)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 468.435 444.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 468.45 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 472.455 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 472.47 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 476.445 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 476.46 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 480.435 444.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 480.45 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 481.935 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 481.95 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 485.925 444.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 485.94 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 487.395 444.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 487.41 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 493.395 444.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 493.41 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 498.885 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 500.895 444.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 500.91 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 504.885 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 504.9 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 508.875 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 508.89 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 512.865 444.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 512.88 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 518.865 444.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 518.88 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 522.345 444.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 522.36 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 525.855 444.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 525.87 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET BT /F4 1 Tf 5 0 0 5 529.9788 447.4063 Tm 0 Tr -0.005 Tc (1)Tj 0.495 0.00001 TD (3)Tj /F8 1 Tf 9.25 0 0 9.25 327.024 432 Tm 0 0.4 0.7 0.25 k 0.028 Tc (The Automatic Stay Applies to All )Tj 0 -1.2973 TD (Post-petition Setoffs)Tj /F4 1 Tf 5 0 0 5 421.8259 423.4063 Tm -0.005 Tc (13)Tj 10 0 0 10 327.024 407 Tm 0 0 0 1 k (Once a debtor files its bankruptcy petition, a creditor)Tj 0 -1.3 TD (can take a setoff only after being granted relief from)Tj T* (the automatic stay by the bankruptcy court. In order)Tj T* (to obtain relief from the automatic stay, a creditor)Tj T* (must file a motion for relief with the bankruptcy)Tj T* (court. A creditor should not take a setoff without)Tj T* (first obtaining relief to do so. Any setoff taken)Tj T* (without first obtaining relief from the automatic stay)Tj T* (will be void as a matter of law, and the creditor may)Tj T* (be held in contempt of court and subjected to)Tj T* (penalties. )Tj 4 0 0 4 103.2993 216.8618 Tm 0 Tc (5)Tj 8 0 0 8 107.2993 211.503 Tm (11 U.S.C. \247 553(a)(1) (2000). )Tj 4 0 0 4 103.2993 205.2218 Tm (6)Tj 8 0 0 8 107.2993 202.503 Tm (11 U.S.C. \247 553(a)(2) (2000).)Tj 4 0 0 4 103.2993 196.2218 Tm (7)Tj 8 0 0 8 107.2993 193.503 Tm (A debtor is \223presumed to have been insolvent on and during the 90 days immediately preceding the date of the filing of the petition.\224 )Tj -0.25 -1.125 TD (11 U.S.C. \247 553(c) (2000). )Tj 4 0 0 4 103.2993 178.2218 Tm (8)Tj 8 0 0 8 107.2993 175.503 Tm (The Bankruptcy Code treats \223acquired claim\224 setoffs as either preferences or fraudulent transfers in order to subject them to avoidance )Tj 0 -1.125 TD (by the trustee. )Tj 4 0 0 4 103.2993 160.2218 Tm (9)Tj 8 0 0 8 107.2993 157.503 Tm (11 U.S.C. \247 553(a)(3) (2000).)Tj 4 0 0 4 103.2993 151.2218 Tm (10)Tj 8 0 0 8 109.2993 148.503 Tm (Like \223acquired claim\224 setoffs, the Bankruptcy Code treats \223acquired debt\224 setoffs as either preferences or fraudulent transfers in order )Tj 0 -1.125 TD (to subject them to avoidance by the trustee.)Tj 4 0 0 4 103.2993 133.2218 Tm (11)Tj 8 0 0 8 109.2993 130.503 Tm (11 U.S.C. \247 553(b) (2000). )Tj 4 0 0 4 103.2993 124.2218 Tm (12)Tj 8 0 0 8 109.2993 121.503 Tm (Example: An individual (\223Debtor\224) obtains a loan from a bank (\223Bank\224) and maintains a checking account at Bank. Bank can offset )Tj 0 -1.125 TD (what it owes to Debtor (checking account balance) against what Debtor owes to it (loan balance). Assume on day one, one month )Tj T* (before Debtor files for bankruptcy, Debtor owes Bank $100 and has $50 in his or her account. Assume on day twenty, Bank takes a )Tj T* (setoff. At this time, Debtor has $75 in his or her account. By waiting, Bank took a setoff that was $25 more valuable. The )Tj T* (\223improvement in position\224 disqualification provision will allow the trustee to recover Bank\222s improvement in position, $25. )Tj 4 0 0 4 103.2993 79.2218 Tm (13)Tj 8 0 0 8 109.2993 76.503 Tm (11 U.S.C. \247 362(a)(7) (2000).)Tj ET 1 w 0.5 0 1 0.4 K 103.392 224.099 m 316.368 224.099 l S Q Q endstream endobj 17 0 obj <>/ProcSet[/PDF]/ExtGState<>>>/Type/XObject/Length 126/Matrix[1 0 0 1 0 0]/OPI<>>>/FormType 1>>stream /GS2 gs q -0.0654 1 m -0.0654 -0.1023 l 1.0149 -0.1023 l 1.0149 1 l W n q 0 -1.10227 -52.39473 0 0.4748 1 cm BX/Sh0 sh EX Q Q endstream endobj 18 0 obj <>/ProcSet[/PDF]/ExtGState<>>>/Type/XObject/Length 51/Matrix[1 0 0 1 0 0]/OPI<>>>/FormType 1>>stream /GS2 gs q 16.662 0 0 792 0.084 -0.394 cm /Fm5 Do Q endstream endobj 19 0 obj <>stream /GS0 gs BT /F4 1 Tf 4 0 0 4 102 200.2559 Tm 0 0 0 1 k (14)Tj 8 0 0 8 108 197.5371 Tm (The concept of adequate protection is defined in 11 U.S.C. \247 361 (2000). It roughly means that the trustee must establish a way to )Tj 0 -1.125 TD (compensate a creditor for or protect a creditor against any loss in value to the creditor\222s claim that occurs during the bankruptcy case. )Tj 4 0 0 4 102 182.2559 Tm (15)Tj 8 0 0 8 108 179.5371 Tm (11 U.S.C. \247 362(d) (2000). )Tj 4 0 0 4 102 173.2559 Tm (16)Tj 8 0 0 8 108 170.5371 Tm (11 U.S.C. \247 553(a) (2000).)Tj 4 0 0 4 102 164.2559 Tm (17)Tj 8 0 0 8 108 161.5371 Tm (Se. Bank, N.A. v. Grant (In re Apex Int\222l Mgmt. Servs., Inc.))Tj ET 0.4 w 0 0 0 1 K 108 160.7371 m 303.4824 160.7371 l S BT /F4 1 Tf 8 0 0 8 303.4824 161.5371 Tm (, 155 B.R. 591, 594-95 (Bankr. M.D. Fla. 1993). )Tj 4 0 0 4 102 155.2559 Tm (18)Tj 8 0 0 8 108 152.5371 Tm (However, the test was adopted by the Third Circuit in M. Frenville Co. v. Avellino & Bienes (In re M. Frenville Co.))Tj ET 281.9414 151.7371 m 482.7812 151.7371 l S BT /F4 1 Tf 8 0 0 8 482.7812 152.5371 Tm (, )Tj -46.84765 -1.125 TD (744 F.2d 332 (3d Cir. 1985). )Tj 4 0 0 4 102 137.2559 Tm (19 )Tj 8 0 0 8 107 134.5371 Tm (11 U.S.C. \247 101(5) (2000). )Tj 4 0 0 4 102 128.2559 Tm -0.005 Tc (20 )Tj 8 0 0 8 106.94 125.5371 Tm (Compare)Tj ET 106.94 124.7371 m 136.0224 124.7371 l S BT /F4 1 Tf 8 0 0 8 137.9425 125.5371 Tm (Cooper-Jarrett, Inc. v. Cent. Transp., Inc.)Tj ET 137.9425 124.7371 m 268.2029 124.7371 l S BT /F4 1 Tf 8 0 0 8 268.1629 125.5371 Tm (, 726 F.2d 93 \(3d Cir. 1984\) \(post-petition settlement agreement converted a )Tj -20.03535 -1.125 TD [(pre-petition debt into a post-petition debt and debts could not be offset\))-5(,)-5( )-5(w)-5(i)-5(t)-5(h)]TJ ET 337.1121 115.7371 m 351.3328 115.7371 l S BT /F4 1 Tf 8 0 0 8 353.3328 116.5371 Tm 0 Tc (Archer v. Warner)Tj ET 353.3328 115.7371 m 409.5105 115.7371 l S BT /F4 1 Tf 8 0 0 8 409.5105 116.5371 Tm (, 538 U.S. 314 \(2003\) \(post-petition )Tj -37.68881 -1.125 TD (settlement agreement did not convert a pre-petition fraud claim into a post-petition contract claim; the claim remained a fraud )Tj T* (claim\). Note, Archer)Tj ET 153.9805 97.7371 m 176.1817 97.7371 l S BT /F4 1 Tf 8 0 0 8 178.1816 98.5371 Tm (did not overrule Cooper-Jarrett)Tj ET 231.2754 97.7371 m 277.4688 97.7371 l S BT /F4 1 Tf 8 0 0 8 277.4687 98.5371 Tm (. While the principle of law regarding the re-characterization of a liability )Tj -21.18359 -1.125 TD (following a settlement of that liability applied in Archer)Tj ET 264.8477 88.7371 m 287.0489 88.7371 l S BT /F4 1 Tf 8 0 0 8 289.0488 89.5371 Tm (appears to directly conflict with the principle applied in Cooper-Jarrett)Tj ET 470.7559 88.7371 m 516.9492 88.7371 l S BT /F4 1 Tf 8 0 0 8 516.9492 89.5371 Tm (, )Tj -51.11866 -1.125 TD (Archer)Tj ET 108 79.7371 m 130.2012 79.7371 l S BT /F4 1 Tf 8 0 0 8 132.2012 80.5371 Tm (dealt with the question of a debt\222s dischargeabilitiy, so its holding is not directly applicable to setoff law. )Tj 4 0 0 4 102 74.2559 Tm (21 )Tj 8 0 0 8 107 71.5371 Tm (11 U.S.C. \247 101(12) (2000). )Tj 4 0 0 4 102 65.2559 Tm (22 )Tj 8 0 0 8 107 62.5371 Tm (Pa. Dep't of Pub. Welfare v. Davenport)Tj ET 107 61.7371 m 232.6074 61.7371 l S BT /F4 1 Tf 8 0 0 8 232.6074 62.5371 Tm (, 495 U.S. 552, 558 (1990).)Tj 4 0 0 4 102 56.2559 Tm (23 )Tj 8 0 0 8 107 53.5371 Tm (However, there is a narrow equitable exception to this rule. See)Tj ET 300.4687 52.7371 m 312.0175 52.7371 l S BT /F4 1 Tf 8 0 0 8 314.0176 53.5371 Tm (Gray v. Rollo)Tj ET 314.0176 52.7371 m 357.7871 52.7371 l S BT /F4 1 Tf 8 0 0 8 357.7871 53.5371 Tm (, 85 U.S. 629 (1873). )Tj 10 0 0 10 327 731.1714 Tm -0.005 Tc (judgment, liquidated, unliquidated, fixed, contingent,)Tj 0 -1.3 TD (matured, unmatured, disputed, undisputed, legal,)Tj T* (equitable, secured, or unsecured; or (B) right to an)Tj T* (equitable remedy for breach of performance if such)Tj T* (breach gives rise to a right to payment, whether or)Tj 0 -1.30001 TD (not such right to an equitable remedy is reduced to)Tj 0 -1.3 TD (judgment, fixed, contingent, matured, unmatured,)Tj 0 -1.30001 TD (disputed, undisputed, secured, or unsecured.\224)Tj 5 0 0 5 506.3504 643.5776 Tm (19)Tj 10 0 0 10 327 621.1713 Tm (A tremendous number of \223claims\224 will fit this)Tj 0 -1.3 TD (definition. However, there are some exceptions, and)Tj 0 -1.30001 TD (a few of these exceptions are quite notable. A)Tj 0 -1.3 TD (contingent claim qualifies, but taking a setoff based)Tj T* (on such a claim means estimating the dollar amount)Tj T* (involved or delaying the setoff until the contingent)Tj T* (claim becomes a fixed one. Further, claims that)Tj T* (settle during the bankruptcy case raise a difficult)Tj T* (issue because courts give different answers to the)Tj T* (question, \223Does settlement after the petition \221convert\222)Tj T* (what was a pre-petition claim into a post-petition)Tj T* (claim?\224)Tj 5 0 0 5 357.7391 481.5776 Tm (20)Tj 10 0 0 10 370.0391 478.1714 Tm (Since post-petition debts can never offset)Tj -4.30391 -1.3 TD (pre-petition ones, the answer to this question will)Tj T* (determine whether a setoff can be taken following the)Tj T* (settlement of one of the claims involved. )Tj ET q BT /F5 1 Tf 8 0 0 8 327.12 421.29 Tm 0 Tc (C)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 327.12 421.29 Tm 1 Tr (C)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 332.67 421.29 Tm 0 Tc (r)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 332.67 421.29 Tm 1 Tr (r)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 335.55 421.29 Tm 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 335.55 421.29 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 339.75 421.29 Tm 0 Tc (d)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 339.75 421.29 Tm 1 Tr (d)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 344.43 421.29 Tm 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 344.43 421.29 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 346.41 421.29 Tm 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 346.41 421.29 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 349.29 421.29 Tm 0 Tc (o)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 349.29 421.29 Tm 1 Tr (o)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 353.94 421.29 Tm 0 Tc (r)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 353.94 421.29 Tm 1 Tr (r)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 356.82 421.29 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 359.28 421.29 Tm 0 Tc (M)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 359.28 421.29 Tm 1 Tr (M)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 366.6 421.29 Tm 0 Tc (u)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 366.6 421.29 Tm 1 Tr (u)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 371.25 421.29 Tm 0 Tc (s)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 371.25 421.29 Tm 1 Tr (s)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 374.58 421.29 Tm 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 374.58 421.29 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 377.46 421.29 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 379.89 421.29 Tm 0 Tc (O)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 379.89 421.29 Tm 1 Tr (O)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 385.89 421.29 Tm 0 Tc (w)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 385.89 421.29 Tm 1 Tr (w)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 392.31 421.29 Tm 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 392.31 421.29 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 396.54 421.29 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 398.97 421.29 Tm 0 Tc (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 398.97 421.29 Tm 1 Tr (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 404.52 421.29 Tm 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 404.52 421.29 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 408.75 421.29 Tm 0 Tc (b)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 408.75 421.29 Tm 1 Tr (b)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 413.4 421.29 Tm 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 413.4 421.29 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 416.28 421.29 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 418.71 421.29 Tm 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 418.71 421.29 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 421.59 421.29 Tm 0 Tc (o)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 421.59 421.29 Tm 1 Tr (o)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 426.24 421.29 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 428.7 421.29 Tm 0 Tc (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 428.7 421.29 Tm 1 Tr (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 434.25 421.29 Tm 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 434.25 421.29 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 438.45 421.29 Tm 0 Tc (b)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 438.45 421.29 Tm 1 Tr (b)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 443.1 421.29 Tm 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 443.1 421.29 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 445.98 421.29 Tm 0 Tc (o)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 445.98 421.29 Tm 1 Tr (o)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 450.66 421.29 Tm 0 Tc (r)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 450.66 421.29 Tm 1 Tr (r)Tj ET BT /F4 1 Tf 10 0 0 10 327 408.1714 Tm 0 Tr -0.005 Tc (A creditor seeking to take a setoff must owe a \223debt\224)Tj 0 -1.3 TD (to the debtor. \223Debt\224 is defined as \223liability on a)Tj T* (claim.\224)Tj 5 0 0 5 355.8006 385.5776 Tm (21)Tj 10 0 0 10 368.1007 382.1714 Tm (In practice though, the term is synonymous)Tj -4.11007 -1.3 TD (with \223claim.\224)Tj 5 0 0 5 380.2151 372.5776 Tm (22)Tj 10 0 0 10 392.5152 369.1714 Tm (Therefore, many claims qualify as a)Tj -6.55152 -1.3 TD (debt.)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 327.12 338.28 Tm 0 Tc (T)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 327.12 338.28 Tm 1 Tr (T)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 331.32 338.28 Tm 0 Tc (h)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 331.32 338.28 Tm 1 Tr (h)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 336 338.28 Tm 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 336 338.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 340.2 338.28 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 342.66 338.28 Tm 0 Tc (C)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 342.66 338.28 Tm 1 Tr (C)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 348.21 338.28 Tm 0 Tc (l)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 348.21 338.28 Tm 1 Tr (l)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 350.19 338.28 Tm 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 350.19 338.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 354.39 338.28 Tm 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 354.39 338.28 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 356.4 338.28 Tm 0 Tc (m)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 356.4 338.28 Tm 1 Tr (m)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 363.27 338.28 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 365.7 338.28 Tm 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 365.7 338.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 369.93 338.28 Tm 0 Tc (n)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 369.93 338.28 Tm 1 Tr (n)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 374.58 338.28 Tm 0 Tc (d)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 374.58 338.28 Tm 1 Tr (d)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 379.26 338.28 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 381.69 338.28 Tm 0 Tc (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 381.69 338.28 Tm 1 Tr (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 387.24 338.28 Tm 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 387.24 338.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 391.44 338.28 Tm 0 Tc (b)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 391.44 338.28 Tm 1 Tr (b)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 396.12 338.28 Tm 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 396.12 338.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 399 338.28 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 401.43 338.28 Tm 0 Tc (M)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 401.43 338.28 Tm 1 Tr (M)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 408.75 338.28 Tm 0 Tc (u)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 408.75 338.28 Tm 1 Tr (u)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 413.4 338.28 Tm 0 Tc (s)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 413.4 338.28 Tm 1 Tr (s)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 416.73 338.28 Tm 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 416.73 338.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 419.61 338.28 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 422.07 338.28 Tm 0 Tc (B)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 422.07 338.28 Tm 1 Tr (B)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 426.72 338.28 Tm 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 426.72 338.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 430.92 338.28 Tm 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 433.38 338.28 Tm 0 Tc (M)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 433.38 338.28 Tm 1 Tr (M)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 440.7 338.28 Tm 0 Tc (u)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 440.7 338.28 Tm 1 Tr (u)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 445.35 338.28 Tm 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 445.35 338.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 448.23 338.28 Tm 0 Tc (u)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 448.23 338.28 Tm 1 Tr (u)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 452.91 338.28 Tm 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 452.91 338.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 457.11 338.28 Tm 0 Tc (l)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 457.11 338.28 Tm 1 Tr (l)Tj ET BT /F4 1 Tf 10 0 0 10 327 325.1714 Tm 0 Tr -0.005 Tc (The debt and claim involved in a setoff must be)Tj 0 -1.3 TD (\223mutual.\224 Mutual debts are owed in the same right.)Tj T* (This means that a debt held by one individual cannot)Tj T* (offset a debt held jointly by two individuals.)Tj 5 0 0 5 501.8863 289.5776 Tm (23)Tj 10 0 0 10 327 273.1714 Tm (Further, mutual debts are owed in the same capacity.)Tj 0 -1.3 TD (This means that a creditor and debtor must owe each)Tj T* (other in their own names, not as fiduciaries. Finally,)Tj T* (mutual debts are generally debts between two, and)Tj T* (only two, parties. Although three-way debts are not)Tj ET 0 0 0 0 k 0.083 -0.394 16.663 792 re f Q Q /GS1 gs q 0.083 -0.394 16.663 792 re W n /Fm4 Do Q /GS3 gs BT /F4 1 Tf 10 0 0 10 102.9336 731.1714 Tm (A claim that would have been subject to a pre-)Tj 0 -1.3 TD (petition setoff is classified and treated like any other)Tj T* (claim against a bankrupt estate. A creditor with an)Tj T* (unexercised setoff right is treated as a secured)Tj T* (creditor to the extent of the setoff amount and as an)Tj 0 -1.30001 TD (unsecured creditor for any amount that exceeds the)Tj 0 -1.3 TD (debtor\222s claim against the creditor. The Bankruptcy)Tj 0 -1.30001 TD (Code entitles this unexercised setoff claim to)Tj T* (adequate protection.)Tj 5 0 0 5 183.0059 630.5776 Tm (1)Tj 0.495 0.00001 TD (4)Tj 10 0 0 10 195.306 627.1713 Tm (If the debtor cannot grant)Tj -9.23724 -1.3 TD (such protection, the creditor can move for relief from)Tj T* (the automatic stay to exercise its setoff right. Courts)Tj T* (will grant a creditor relief from the stay where)Tj T* (adequate protection cannot be obtained.)Tj 5 0 0 5 260.0838 578.5776 Tm (15)Tj /F8 1 Tf 9.25 0 0 9.25 102.9336 557.1714 Tm 0 0.4 0.7 0.25 k 0.028 Tc (All Setoffs Taken Post-petition Must Contain)Tj 0 -1.2973 TD (Five Elements)Tj 4.625 0 0 4.625 165.8966 548.4526 Tm 0.0276 Tc (1)Tj 0.58359 0.00001 TD (6)Tj ET q BT /F5 1 Tf 8 0 0 8 103.05 533.28 Tm 0 0 0 1 k 0 Tc (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 103.05 533.28 Tm 1 Tr (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 108.6 533.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 108.6 533.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 112.83 533.28 Tm 0 0 0 1 k 0 Tc (b)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 112.83 533.28 Tm 1 Tr (b)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 117.48 533.28 Tm 0 0 0 1 k 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 117.48 533.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 120.36 533.28 Tm 0 0 0 1 k 0 Tc (s)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 120.36 533.28 Tm 1 Tr (s)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 123.69 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 126.15 533.28 Tm 0 0 0 1 k 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 126.15 533.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 130.35 533.28 Tm 0 0 0 1 k 0 Tc (n)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 130.35 533.28 Tm 1 Tr (n)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 135.03 533.28 Tm 0 0 0 1 k 0 Tc (d)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 135.03 533.28 Tm 1 Tr (d)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 139.68 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 142.11 533.28 Tm 0 0 0 1 k 0 Tc (C)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 142.11 533.28 Tm 1 Tr (C)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 147.69 533.28 Tm 0 0 0 1 k 0 Tc (l)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 147.69 533.28 Tm 1 Tr (l)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 149.67 533.28 Tm 0 0 0 1 k 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 149.67 533.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 153.9 533.28 Tm 0 0 0 1 k 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 153.9 533.28 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 155.88 533.28 Tm 0 0 0 1 k 0 Tc (m)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 155.88 533.28 Tm 1 Tr (m)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 162.75 533.28 Tm 0 0 0 1 k 0 Tc (s)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 162.75 533.28 Tm 1 Tr (s)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 166.08 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 168.54 533.28 Tm 0 0 0 1 k 0 Tc (M)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 168.54 533.28 Tm 1 Tr (M)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 175.86 533.28 Tm 0 0 0 1 k 0 Tc (u)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 175.86 533.28 Tm 1 Tr (u)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 180.51 533.28 Tm 0 0 0 1 k 0 Tc (s)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 180.51 533.28 Tm 1 Tr (s)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 183.84 533.28 Tm 0 0 0 1 k 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 183.84 533.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 186.72 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 189.18 533.28 Tm 0 0 0 1 k 0 Tc (b)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 189.18 533.28 Tm 1 Tr (b)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 193.83 533.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 193.83 533.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 198.06 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 200.49 533.28 Tm 0 0 0 1 k 0 Tc (A)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 200.49 533.28 Tm 1 Tr (A)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 206.04 533.28 Tm 0 0 0 1 k 0 Tc (c)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 206.04 533.28 Tm 1 Tr (c)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 209.82 533.28 Tm 0 0 0 1 k 0 Tc (q)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 209.82 533.28 Tm 1 Tr (q)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 214.47 533.28 Tm 0 0 0 1 k 0 Tc (u)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 214.47 533.28 Tm 1 Tr (u)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 219.15 533.28 Tm 0 0 0 1 k 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 219.15 533.28 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 221.13 533.28 Tm 0 0 0 1 k 0 Tc (r)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 221.13 533.28 Tm 1 Tr (r)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 224.01 533.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 224.01 533.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 228.24 533.28 Tm 0 0 0 1 k 0 Tc (d)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 228.24 533.28 Tm 1 Tr (d)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 232.89 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 235.35 533.28 Tm 0 0 0 1 k 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 235.35 533.28 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 237.33 533.28 Tm 0 0 0 1 k 0 Tc (n)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 237.33 533.28 Tm 1 Tr (n)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 241.98 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 244.44 533.28 Tm 0 0 0 1 k 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 244.44 533.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 247.32 533.28 Tm 0 0 0 1 k 0 Tc (h)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 247.32 533.28 Tm 1 Tr (h)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 251.97 533.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 251.97 533.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 256.2 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 258.63 533.28 Tm 0 0 0 1 k 0 Tc (S)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 258.63 533.28 Tm 1 Tr (S)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 262.86 533.28 Tm 0 0 0 1 k 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 262.86 533.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 267.06 533.28 Tm 0 0 0 1 k 0 Tc (m)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 267.06 533.28 Tm 1 Tr (m)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 273.96 533.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 273.96 533.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 278.16 533.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 280.62 533.28 Tm 0 0 0 1 k 0 Tc (T)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 280.62 533.28 Tm 1 Tr (T)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 284.82 533.28 Tm 0 0 0 1 k 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 284.82 533.28 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 286.83 533.28 Tm 0 0 0 1 k 0 Tc (m)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 286.83 533.28 Tm 1 Tr (m)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 293.7 533.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 293.7 533.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 103.05 521.28 Tm 0 0 0 1 k 0 Tc (F)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 103.05 521.28 Tm 1 Tr (F)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 106.77 521.28 Tm 0 0 0 1 k 0 Tc (r)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 106.77 521.28 Tm 1 Tr (r)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 109.59 521.28 Tm 0 0 0 1 k 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 109.59 521.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 113.76 521.28 Tm 0 0 0 1 k 0 Tc (m)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 113.76 521.28 Tm 1 Tr (m)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 120.57 521.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 120.57 521.28 Tm 1 Tr (e)Tj ET BT /F4 1 Tf 10 0 0 10 102.9336 508.1714 Tm 0 Tr -0.005 Tc (A creditor may offset two debts only if those debts)Tj 0 -1.3 TD (came into being before the filing of the petition or if)Tj T* (both debts came into being after the filing of the)Tj T* (petition.)Tj 5 0 0 5 135.5356 472.5776 Tm (17)Tj 10 0 0 10 147.8357 469.1714 Tm (A post-petition debt can never offset a)Tj -4.49021 -1.3 TD (pre-petition debt. )Tj 0 -1.9 TD (Where there is doubt about the timing of a debt,)Tj 0 -1.3 TD (bankruptcy courts use one of four tests to fix the)Tj T* (moment at which a debt comes into being. The)Tj T* (accrual test, conduct test, relationship test, and)Tj T* (foreseeability test are the four tests courts may turn)Tj T* (to when in doubt as to when a debt arose. The)Tj T* (accrual test is disfavored and seldom used.)Tj 5 0 0 5 271.5465 362.5776 Tm (18)Tj 10 0 0 10 283.8466 359.1714 Tm (The)Tj -18.0913 -1.3 TD (conduct test focuses on the acts giving rise to the)Tj T* (claim. The relationship test asks whether the debt)Tj T* (arose out of a pre-petition relationship. The)Tj T* (foreseeability test asks whether the liability giving)Tj T* (rise to a debt was foreseeable pre-petition. Counsel)Tj T* (can assist with determining which test applies.)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 103.05 263.28 Tm 0 0 0 1 k 0 Tc (C)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 103.05 263.28 Tm 1 Tr (C)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 108.6 263.28 Tm 0 0 0 1 k 0 Tc (r)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 108.6 263.28 Tm 1 Tr (r)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 111.48 263.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 111.48 263.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 115.71 263.28 Tm 0 0 0 1 k 0 Tc (d)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 115.71 263.28 Tm 1 Tr (d)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 120.36 263.28 Tm 0 0 0 1 k 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 120.36 263.28 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 122.34 263.28 Tm 0 0 0 1 k 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 122.34 263.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 125.22 263.28 Tm 0 0 0 1 k 0 Tc (o)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 125.22 263.28 Tm 1 Tr (o)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 129.9 263.28 Tm 0 0 0 1 k 0 Tc (r)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 129.9 263.28 Tm 1 Tr (r)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 132.78 263.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 135.21 263.28 Tm 0 0 0 1 k 0 Tc (M)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 135.21 263.28 Tm 1 Tr (M)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 142.53 263.28 Tm 0 0 0 1 k 0 Tc (u)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 142.53 263.28 Tm 1 Tr (u)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 147.21 263.28 Tm 0 0 0 1 k 0 Tc (s)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 147.21 263.28 Tm 1 Tr (s)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 150.54 263.28 Tm 0 0 0 1 k 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 150.54 263.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 153.42 263.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 155.85 263.28 Tm 0 0 0 1 k 0 Tc (H)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 155.85 263.28 Tm 1 Tr (H)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 161.4 263.28 Tm 0 0 0 1 k 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 161.4 263.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 165.63 263.28 Tm 0 0 0 1 k 0 Tc (v)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 165.63 263.28 Tm 1 Tr (v)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 169.38 263.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 169.38 263.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 173.61 263.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 176.04 263.28 Tm 0 0 0 1 k 0 Tc (A)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 176.04 263.28 Tm 1 Tr (A)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 181.59 263.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 184.02 263.28 Tm 0 0 0 1 k 0 Tc (C)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 184.02 263.28 Tm 1 Tr (C)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 189.6 263.28 Tm 0 0 0 1 k 0 Tc (l)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 189.6 263.28 Tm 1 Tr (l)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 191.58 263.28 Tm 0 0 0 1 k 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 191.58 263.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 195.78 263.28 Tm 0 0 0 1 k 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 195.78 263.28 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 197.79 263.28 Tm 0 0 0 1 k 0 Tc (m)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 197.79 263.28 Tm 1 Tr (m)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 204.66 263.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 207.09 263.28 Tm 0 0 0 1 k 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 207.09 263.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 211.32 263.28 Tm 0 0 0 1 k 0 Tc (g)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 211.32 263.28 Tm 1 Tr (g)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 215.97 263.28 Tm 0 0 0 1 k 0 Tc (a)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 215.97 263.28 Tm 1 Tr (a)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 220.2 263.28 Tm 0 0 0 1 k 0 Tc (i)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 220.2 263.28 Tm 1 Tr (i)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 222.18 263.28 Tm 0 0 0 1 k 0 Tc (n)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 222.18 263.28 Tm 1 Tr (n)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 226.86 263.28 Tm 0 0 0 1 k 0 Tc (s)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 226.86 263.28 Tm 1 Tr (s)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 230.19 263.28 Tm 0 0 0 1 k 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 230.19 263.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 233.07 263.28 Tm 0 0 0 1 k 0 Tc ( )Tj ET q 0.24 w S Q Q q BT /F5 1 Tf 8 0 0 8 235.5 263.28 Tm 0 0 0 1 k 0 Tc (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 235.5 263.28 Tm 1 Tr (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 241.05 263.28 Tm 0 0 0 1 k 0 Tc (e)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 241.05 263.28 Tm 1 Tr (e)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 245.28 263.28 Tm 0 0 0 1 k 0 Tc (b)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 245.28 263.28 Tm 1 Tr (b)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 249.93 263.28 Tm 0 0 0 1 k 0 Tc (t)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 249.93 263.28 Tm 1 Tr (t)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 252.81 263.28 Tm 0 0 0 1 k 0 Tc (o)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 252.81 263.28 Tm 1 Tr (o)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 257.46 263.28 Tm 0 0 0 1 k 0 Tc (r)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 257.46 263.28 Tm 1 Tr (r)Tj ET BT /F4 1 Tf 10 0 0 10 102.9336 250.1714 Tm 0 Tr -0.005 Tc (A creditor seeking to take a setoff must hold a)Tj 0 -1.3 TD (\223claim\224 against the debtor. A \223claim\224 is a \223(A) right)Tj T* (to payment, whether or not such right is reduced to)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 282.765 26.085 Tm 0 0 0 0.72 k 0 Tc (K)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 282.78 26.1 Tm 1 Tr 0 0 0 0.72 K (K)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 288.735 26.085 Tm 0 0 0 0.72 k 0 Tc (i)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 288.75 26.1 Tm 1 Tr 0 0 0 0.72 K (i)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 291.225 26.085 Tm 0 0 0 0.72 k 0 Tc (r)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 291.24 26.1 Tm 1 Tr 0 0 0 0.72 K (r)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 294.735 26.085 Tm 0 0 0 0.72 k 0 Tc (k)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 294.75 26.1 Tm 1 Tr 0 0 0 0.72 K (k)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 299.715 26.085 Tm 0 0 0 0.72 k 0 Tc (p)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 299.73 26.1 Tm 1 Tr 0 0 0 0.72 K (p)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 305.205 26.085 Tm 0 0 0 0.72 k 0 Tc (a)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 305.22 26.1 Tm 1 Tr 0 0 0 0.72 K (a)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 310.215 26.085 Tm 0 0 0 0.72 k 0 Tc (t)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 310.23 26.1 Tm 1 Tr 0 0 0 0.72 K (t)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 313.695 26.085 Tm 0 0 0 0.72 k 0 Tc (r)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 313.71 26.1 Tm 1 Tr 0 0 0 0.72 K (r)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 317.205 26.085 Tm 0 0 0 0.72 k 0 Tc (i)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 317.22 26.1 Tm 1 Tr 0 0 0 0.72 K (i)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 319.695 26.085 Tm 0 0 0 0.72 k 0 Tc (c)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 319.71 26.1 Tm 1 Tr 0 0 0 0.72 K (c)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 323.685 26.085 Tm 0 0 0 0.72 k 0 Tc (k)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 323.7 26.1 Tm 1 Tr 0 0 0 0.72 K (k)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 328.665 26.085 Tm 0 0 0 0.72 k 0 Tc ( )Tj ET q 0.27 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 9 0 0 9 331.185 26.085 Tm 0 0 0 0.72 k 0 Tc (&)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 331.2 26.1 Tm 1 Tr 0 0 0 0.72 K (&)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 337.665 26.085 Tm 0 0 0 0.72 k 0 Tc ( )Tj ET q 0.27 w 0 0 0 0.72 K S Q Q q BT 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7.458 0 0 7.458 479.7819 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 481.7919 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 483.8019 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S BT /F1 1 Tf 7 0 0 7 485.9969 27.9845 Tm 0.58 0.17 0 0.46 k (DECEMBER 2005)Tj /F4 1 Tf 10 0 0 10 102 732.1714 Tm 0 0 0 1 k -0.005 Tc (normally eligible for setoff, three parties can take a)Tj 0 -1.3 TD (\223triangular setoff\224 if they formally agree to this)Tj T* (arrangement pre-petition in a written contract.)Tj 5 0 0 5 283.9994 709.5776 Tm (24)Tj 10 0 0 10 102 693.1713 Tm (Mutual debts, importantly, need not be of the same)Tj 0 -1.3 TD (character. For instance, tort and contract claims may)Tj T* (be offset against each other in certain)Tj T* (circumstances.)Tj 5 0 0 5 160.4337 657.5776 Tm (25)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 102.12 636.12 Tm 0 0 0 1 k (T)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 102.12 636.12 Tm 1 Tr 0 0 0 1 K (T)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 106.2 636.12 Tm 0 0 0 1 k (H)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 106.2 636.12 Tm 1 Tr 0 0 0 1 K (H)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 111.63 636.12 Tm 0 0 0 1 k (E)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 111.63 636.12 Tm 1 Tr 0 0 0 1 K (E)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 115.71 636.12 Tm 0 0 0 1 k ( )Tj ET q 0.24 w 0 0 0 1 K S Q Q q BT /F5 1 Tf 8 0 0 8 118.02 636.12 Tm 0 0 0 1 k (C)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 118.02 636.12 Tm 1 Tr 0 0 0 1 K (C)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 123.42 636.12 Tm 0 0 0 1 k (L)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 123.42 636.12 Tm 1 Tr 0 0 0 1 K (L)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 127.08 636.12 Tm 0 0 0 1 k (A)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 127.08 636.12 Tm 1 Tr 0 0 0 1 K (A)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 132.48 636.12 Tm 0 0 0 1 k (I)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 132.48 636.12 Tm 1 Tr 0 0 0 1 K (I)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 134.34 636.12 Tm 0 0 0 1 k (M)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 134.34 636.12 Tm 1 Tr 0 0 0 1 K (M)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 141.54 636.12 Tm 0 0 0 1 k ( )Tj ET q 0.24 w 0 0 0 1 K S Q Q q BT /F5 1 Tf 8 0 0 8 143.85 636.12 Tm 0 0 0 1 k (A)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 143.85 636.12 Tm 1 Tr 0 0 0 1 K (A)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 149.28 636.12 Tm 0 0 0 1 k (N)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 149.28 636.12 Tm 1 Tr 0 0 0 1 K (N)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 154.68 636.12 Tm 0 0 0 1 k (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 154.68 636.12 Tm 1 Tr 0 0 0 1 K (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 160.11 636.12 Tm 0 0 0 1 k ( )Tj ET q 0.24 w 0 0 0 1 K S Q Q q BT /F5 1 Tf 8 0 0 8 162.42 636.12 Tm 0 0 0 1 k (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 162.42 636.12 Tm 1 Tr 0 0 0 1 K (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 167.82 636.12 Tm 0 0 0 1 k (E)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 167.82 636.12 Tm 1 Tr 0 0 0 1 K (E)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 171.93 636.12 Tm 0 0 0 1 k (B)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 171.93 636.12 Tm 1 Tr 0 0 0 1 K (B)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 176.46 636.12 Tm 0 0 0 1 k (T)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 176.46 636.12 Tm 1 Tr 0 0 0 1 K (T)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 180.54 636.12 Tm 0 0 0 1 k ( )Tj ET q 0.24 w 0 0 0 1 K S Q Q q BT /F5 1 Tf 8 0 0 8 182.85 636.12 Tm 0 0 0 1 k (M)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 182.85 636.12 Tm 1 Tr 0 0 0 1 K (M)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 190.02 636.12 Tm 0 0 0 1 k (U)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 190.02 636.12 Tm 1 Tr 0 0 0 1 K (U)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 195.45 636.12 Tm 0 0 0 1 k (S)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 195.45 636.12 Tm 1 Tr 0 0 0 1 K (S)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 199.53 636.12 Tm 0 0 0 1 k (T)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 199.53 636.12 Tm 1 Tr 0 0 0 1 K (T)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 203.61 636.12 Tm 0 0 0 1 k ( )Tj ET q 0.24 w 0 0 0 1 K S Q Q q BT /F5 1 Tf 8 0 0 8 205.92 636.12 Tm 0 0 0 1 k (B)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 205.92 636.12 Tm 1 Tr 0 0 0 1 K (B)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 210.45 636.12 Tm 0 0 0 1 k (E)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 210.45 636.12 Tm 1 Tr 0 0 0 1 K (E)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 214.53 636.12 Tm 0 0 0 1 k ( )Tj ET q 0.24 w 0 0 0 1 K S Q Q q BT /F5 1 Tf 8 0 0 8 216.84 636.12 Tm 0 0 0 1 k (V)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 216.84 636.12 Tm 1 Tr 0 0 0 1 K (V)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 221.82 636.12 Tm 0 0 0 1 k (A)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 221.82 636.12 Tm 1 Tr 0 0 0 1 K (A)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 227.25 636.12 Tm 0 0 0 1 k (L)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 227.25 636.12 Tm 1 Tr 0 0 0 1 K (L)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 230.88 636.12 Tm 0 0 0 1 k (I)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 230.88 636.12 Tm 1 Tr 0 0 0 1 K (I)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 232.74 636.12 Tm 0 0 0 1 k (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 232.74 636.12 Tm 1 Tr 0 0 0 1 K (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 238.14 636.12 Tm 0 0 0 1 k ( )Tj ET q 0.24 w 0 0 0 1 K S Q Q q BT /F5 1 Tf 8 0 0 8 240.45 636.12 Tm 0 0 0 1 k (A)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 240.45 636.12 Tm 1 Tr 0 0 0 1 K (A)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 245.88 636.12 Tm 0 0 0 1 k (N)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 245.88 636.12 Tm 1 Tr 0 0 0 1 K (N)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 251.31 636.12 Tm 0 0 0 1 k (D)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 251.31 636.12 Tm 1 Tr 0 0 0 1 K (D)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 256.71 636.12 Tm 0 0 0 1 k ( )Tj ET q 0.24 w 0 0 0 1 K S Q Q q BT /F5 1 Tf 8 0 0 8 259.02 636.12 Tm 0 0 0 1 k (E)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 259.02 636.12 Tm 1 Tr 0 0 0 1 K (E)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 263.1 636.12 Tm 0 0 0 1 k (N)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 263.1 636.12 Tm 1 Tr 0 0 0 1 K (N)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 268.53 636.12 Tm 0 0 0 1 k (F)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 268.53 636.12 Tm 1 Tr 0 0 0 1 K (F)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 272.16 636.12 Tm 0 0 0 1 k (O)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 272.16 636.12 Tm 1 Tr 0 0 0 1 K (O)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 278.01 636.12 Tm 0 0 0 1 k (R)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 278.01 636.12 Tm 1 Tr 0 0 0 1 K (R)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 282.54 636.12 Tm 0 0 0 1 k (C)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 282.54 636.12 Tm 1 Tr 0 0 0 1 K (C)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 287.97 636.12 Tm 0 0 0 1 k (E)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 287.97 636.12 Tm 1 Tr 0 0 0 1 K (E)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 292.05 636.12 Tm 0 0 0 1 k (A)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 292.05 636.12 Tm 1 Tr 0 0 0 1 K (A)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 297.48 636.12 Tm 0 0 0 1 k (B)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 297.48 636.12 Tm 1 Tr 0 0 0 1 K (B)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 302.01 636.12 Tm 0 0 0 1 k (L)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 302.01 636.12 Tm 1 Tr 0 0 0 1 K (L)Tj ET Q Q q BT /F5 1 Tf 8 0 0 8 305.64 636.12 Tm 0 0 0 1 k (E)Tj ET q 0.24 w BT /F5 1 Tf 8 0 0 8 305.64 636.12 Tm 1 Tr 0 0 0 1 K (E)Tj ET BT /F4 1 Tf 10 0 0 10 102 623 Tm 0 Tr -0.005 Tc (The debt and claim involved in a setoff must be)Tj 0 -1.3 TD (\223valid and enforceable\224 obligations.)Tj 5 0 0 5 244.5784 613.4063 Tm (26)Tj 10 0 0 10 256.8785 610 Tm (This is easy to)Tj -15.48785 -1.3 TD (establish for pre-petition claims. Here, the claim and)Tj T* (debt underlying the setoff only need be valid under)Tj T* (applicable state law. )Tj 0 -1.9 TD (Post-petition setoffs, however, must involve two)Tj 0 -1.3 TD (debts that are valid under both applicable state law)Tj T* (and the Bankruptcy Code. The Bankruptcy Code)Tj T* (will occasionally make unenforceable a debt that)Tj T* (would be enforceable under state law. For example:)Tj T* (assume a landlord holds a security deposit of $100)Tj T* (against a lessee who owes the landlord $1,000 in)Tj T* (unpaid rent. Pre-petition, the landlord can offset the)Tj T* (deposit against the unpaid rent and try to obtain the)Tj T* (other $900. However, post-petition, the Bankruptcy)Tj T* (Code may cap)Tj 5 0 0 5 158.6025 425.4063 Tm (27)Tj 10 0 0 10 166.0025 422 Tm (what the landlord can recover at a)Tj -6.40025 -1.3 TD (lesser amount and not allow recovery of the full)Tj T* ($1,000 owed. Assuming the lesser amount is set at)Tj T* ($700 and the landlord did not take his or her setoff)Tj T* (pre-petition, then the landlord can no longer take his)Tj T* (or her setoff against the whole $1,000 and still file a)Tj T* (claim for $700. Three hundred dollars of the old)Tj T* (debt is unenforceable under the Bankruptcy Code,)Tj T* (and the landlord cannot take a setoff against it. )Tj T* (The landlord must take the setoff against the $700.)Tj 5 0 0 5 302.4397 308.4063 Tm (28)Tj 10 0 0 10 102 292 Tm (Thus, if the landlord had acted pre-petition, he would)Tj 0 -1.3 TD (have $100 plus a state law claim for $900, which)Tj T* (would be capped at $700. By waiting to act )Tj T* (post-petition, the landlord\222s $1,000 state law claim is)Tj T* (first capped at $700, and then the offset is allowed,)Tj T* (resulting in the landlord\222s having $100 and a claim)Tj T* (for $600.)Tj /F8 1 Tf 9.25 0 0 9.25 327 731.0625 Tm 0 0.4 0.7 0.25 k 0.028 Tc (Disqualification of Setoffs Post-petition)Tj /F4 1 Tf 10 0 0 10 327 718.0624 Tm 0 0 0 1 k -0.005 Tc (The provisions that disqualify \223acquired claim\224)Tj 0 -1.3 TD (setoffs and \223acquired debt\224 setoffs taken 90 days)Tj 0 -1.30001 TD (prior to the filing of the petition will also disallow)Tj T* (setoffs taken post-petition which meet the other)Tj 0 -1.3 TD (requirements of those specific disqualifications. )Tj 0 -1.30001 TD (On the other hand, the disqualification provision that)Tj 0 -1.3 TD (authorizes the trustee to recover a portion of an)Tj T* (\223improvement in position\224 setoff generally only)Tj T* (applies to setoffs taken pre-petition.)Tj 5 0 0 5 468.6533 617.4688 Tm (2)Tj 0.495 0.00001 TD (9)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.135 588.135 Tm 0.58 0.17 0 0.46 k (B)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.15 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (B)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 332.235 588.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 332.25 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 336.825 588.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 339.405 588.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 339.42 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 345.525 588.135 Tm 0.58 0.17 0 0.46 k (W)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 345.54 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (W)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 354.105 588.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 354.12 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 360.195 588.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 360.21 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 365.295 588.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 365.31 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 369.885 588.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 372.495 588.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 372.51 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 379.065 588.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 379.08 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 383.175 588.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 385.755 588.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 385.77 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 390.345 588.135 Tm 0.58 0.17 0 0.46 k (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 390.36 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 396.435 588.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 396.45 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 401.055 588.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 403.635 588.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 403.65 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 409.725 588.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 409.74 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 415.815 588.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 415.83 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 420.915 588.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 420.93 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 426.015 588.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 426.03 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 432.615 588.135 Tm 0.58 0.17 0 0.46 k (W)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 432.63 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (W)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 441.195 588.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 443.805 588.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 443.82 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 448.395 588.135 Tm 0.58 0.17 0 0.46 k (X)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 448.41 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (X)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 453.975 588.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 453.99 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 460.065 588.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 460.08 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 464.685 588.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 464.7 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 469.275 588.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 469.29 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 473.865 588.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 473.88 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 475.935 588.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 475.95 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 482.535 588.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 482.55 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 488.625 588.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 488.64 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 493.215 588.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 495.825 588.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 495.84 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 500.415 588.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 500.43 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 507.015 588.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 509.595 588.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 509.61 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 514.185 588.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 514.2 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 518.775 588.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 518.79 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 523.395 588.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 523.41 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 529.965 588.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 529.98 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 534.075 588.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 534.09 588.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.135 576.135 Tm 0.58 0.17 0 0.46 k (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.15 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 333.225 576.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 333.24 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 335.295 576.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 335.31 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 339.885 576.135 Tm 0.58 0.17 0 0.46 k (Q)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 339.9 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (Q)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 346.455 576.135 Tm 0.58 0.17 0 0.46 k (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 346.47 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 352.545 576.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 352.56 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 358.635 576.135 Tm 0.58 0.17 0 0.46 k (L)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 358.65 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (L)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 362.715 576.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 362.73 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 364.785 576.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 364.8 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 368.865 576.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 368.88 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 370.935 576.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 370.95 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 377.025 576.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 377.04 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 383.115 576.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 383.13 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 387.705 576.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 387.72 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 389.775 576.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 389.79 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 396.345 576.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 396.36 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET BT /F4 1 Tf 10 0 0 10 327 563 Tm 0 Tr 0 0 0 1 k -0.005 Tc (The Bankruptcy Code\222s three disqualification)Tj 0 -1.3 TD (provisions \(acquired claim, acquired debt,)Tj T* (improvement in position\) have a narrow set of)Tj T* (exceptions which apply to financial participants and)Tj T* (other parties to complex financial transactions.)Tj 5 0 0 5 511.7424 514.4063 Tm (30)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.135 492.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.15 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 331.725 492.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 331.74 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 336.315 492.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 336.33 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 340.905 492.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 340.92 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 347.475 492.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 347.49 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 351.585 492.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 351.6 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 355.665 492.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 358.245 492.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 358.26 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 363.345 492.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 363.36 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 365.415 492.135 Tm 0.58 0.17 0 0.46 k (G)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 365.43 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (G)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 372.015 492.135 Tm 0.58 0.17 0 0.46 k (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 372.03 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 378.105 492.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 378.12 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 382.695 492.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 382.71 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 387.285 492.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 389.865 492.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 389.88 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 395.955 492.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 395.97 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 402.075 492.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 402.09 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 408.165 492.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 410.745 492.135 Tm 0.58 0.17 0 0.46 k (B)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 410.76 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (B)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 415.845 492.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 415.86 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 420.435 492.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 423.015 492.135 Tm 0.58 0.17 0 0.46 k (W)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 423.03 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (W)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 431.595 492.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 431.61 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 437.685 492.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 437.7 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 439.785 492.135 Tm 0.58 0.17 0 0.46 k (V)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 439.8 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (V)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 445.365 492.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 445.38 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 449.955 492.135 Tm 0.58 0.17 0 0.46 k (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 449.97 492.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET BT /F4 1 Tf 10 0 0 10 327 479 Tm 0 Tr 0 0 0 1 k -0.005 Tc (A creditor may waive setoff rights both expressly)Tj 0 -1.3 TD (and implicitly. Implicit waiver will, however, only)Tj T* (be found with reference to a number of factors, such)Tj T* (as length of delay, diligence of the creditor, and)Tj T* (detrimental reliance and prejudice. Note that waiver)Tj T* (for some purposes may not be waiver for all purposes)Tj T* (and that there are defenses to a claim of waiver. )Tj 0 -1.9 TD (For instance, typically, a creditor asserts its setoff)Tj 0 -1.3 TD (rights by filing a proof of claim that specifically)Tj T* (invokes such rights. If a creditor fails to file a proof)Tj T* (of claim, however, it does not necessarily lose its)Tj T* (setoff rights for all purposes. The rights can)Tj T* (normally be asserted in a defensive manner. Further,)Tj T* (a creditor may defend against a claim of waiver on a)Tj T* (number of grounds. Three examples where the)Tj T* (creditor has a valid defense to waiver are: (1))Tj T* (inadvertence, particularly where error gave rise to no)Tj T* (detrimental reliance; (2) mistake of facts; and (3))Tj T* (lack of intent to waive.)Tj /F1 1 Tf -22.31453 -21.10321 TD 0 Tc (4)Tj /F4 1 Tf 4 0 0 4 102 172.1772 Tm (24)Tj 8 0 0 8 108 169.4583 Tm (A triangular setoff involves a triangle of debts \226 A owes B, B owes C, C owes A. Note that an industry custom of three-party debt )Tj 0 -1.125 TD (cancellation is not enough to constitute a formal agreement to take a triangular setoff. See)Tj ET 0.4 w 0 0 0 1 K 385.6602 159.6584 m 397.209 159.6584 l S BT /F4 1 Tf 8 0 0 8 399.209 160.4583 Tm (In re Elcona Homes Corp.)Tj ET 399.209 159.6584 m 482.9531 159.6584 l S BT /F4 1 Tf 8 0 0 8 482.9531 160.4583 Tm (, 863 F.2d 483, )Tj -46.86914 -1.125 TD (487 (7th Cir. 1988).)Tj 4 0 0 4 102 145.1772 Tm (25 )Tj 8 0 0 8 107 142.4583 Tm (Camelback Hosp., Inc. v. Buckenmaier (In re Buckenmaier))Tj ET 107 141.6584 m 299.5762 141.6584 l S BT /F4 1 Tf 8 0 0 8 299.5762 142.4583 Tm (, 127 B.R. 233, 238 (B.A.P. 9th Cir. 1991).)Tj 4 0 0 4 102 136.1772 Tm (26)Tj 8 0 0 8 108 133.4583 Tm (11 U.S.C. \247 553(a) (2000). )Tj 4 0 0 4 102 127.1772 Tm (27 )Tj 8 0 0 8 107 124.4583 Tm (11 U.S.C. \247 502(b)(6) (2000).)Tj 4 0 0 4 102 118.1772 Tm (28 )Tj 8 0 0 8 107 115.4583 Tm (This example recreates, with simplified numbers, the scenario in Oldden v. Tonto Realty Corp.)Tj ET 315.5801 114.6584 m 411.1192 114.6584 l S BT /F4 1 Tf 8 0 0 8 411.1191 115.4583 Tm (, 143 F.2d 916 (2d Cir. 1944).)Tj 4 0 0 4 102 109.1772 Tm (29 )Tj 8 0 0 8 107 106.4583 Tm (This fact gives rise to the primary situation in which it may be better to take a setoff post-petition rather than pre-petition \226 when a debtor )Tj 0.125 -1.125 TD (maintains an account with the creditor. Refer back to the example in footnote 14. Now, assume that the Bank takes a setoff involving the )Tj T* (same amounts, a $100 loan and a $75 deposit, but after the petition\222s filing. Most courts hold that the \223improvement in position\224 )Tj T* (disqualification provision only applies to setoffs taken pre-petition. It will not disqualify the $25 improvement in position represented by this )Tj T* (post-petition setoff. )Tj 4 0 0 4 102 64.1772 Tm (30 )Tj 8 0 0 8 107 61.4583 Tm (11 U.S.C.A. \247 553 (West 2005).)Tj ET 1 w 0.5 0 1 0.4 K 102 180.221 m 314.976 180.221 l S Q Q endstream endobj 23 0 obj <>/ProcSet[/PDF]/ExtGState<>>>/Type/XObject/Length 126/Matrix[1 0 0 1 0 0]/OPI<>>>/FormType 1>>stream /GS2 gs q -0.0654 1 m -0.0654 -0.1023 l 1.0149 -0.1023 l 1.0149 1 l W n q 0 -1.10227 -52.39473 0 0.4748 1 cm BX/Sh0 sh EX Q Q endstream endobj 24 0 obj <>/ProcSet[/PDF]/ExtGState<>>>/Type/XObject/Length 51/Matrix[1 0 0 1 0 0]/OPI<>>>/FormType 1>>stream /GS2 gs q 16.662 0 0 792 0.084 -0.394 cm /Fm9 Do Q endstream endobj 25 0 obj <>stream /GS0 gs 0 0 0 0 k 0.083 -0.394 16.663 792 re f /GS1 gs q 0.083 -0.394 16.663 792 re W n /Fm8 Do Q /GS3 gs q BT /F1 1 Tf 9 0 0 9 280.935 28.125 Tm 0 0 0 0.72 k (K)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 280.95 28.14 Tm 1 Tr 0 0 0 0.72 K (K)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 286.935 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0.27 w BT /F1 1 Tf 9 0 0 9 315.39 28.14 Tm 1 Tr 0 0 0 0.72 K (i)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 317.865 28.125 Tm 0 0 0 0.72 k (c)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 317.88 28.14 Tm 1 Tr 0 0 0 0.72 K (c)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 321.855 28.125 Tm 0 0 0 0.72 k (k)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 321.87 28.14 Tm 1 Tr 0 0 0 0.72 K (k)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 326.865 28.125 Tm 0 0 0 0.72 k ( )Tj ET q 0.27 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 9 0 0 9 329.355 28.125 Tm 0 0 0 0.72 k (&)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 329.37 28.14 Tm 1 Tr 0 0 0 0.72 K (&)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 335.835 28.125 Tm 0 0 0 0.72 k ( )Tj ET q 0.27 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 9 0 0 9 338.325 28.125 Tm 0 0 0 0.72 k (L)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 338.34 28.14 Tm 1 Tr 0 0 0 0.72 K (L)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 342.825 28.125 Tm 0 0 0 0.72 k (o)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 342.84 28.14 Tm 1 Tr 0 0 0 0.72 K (o)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 348.315 28.125 Tm 0 0 0 0.72 k (c)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 348.33 28.14 Tm 1 Tr 0 0 0 0.72 K (c)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 352.305 28.125 Tm 0 0 0 0.72 k (k)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 352.32 28.14 Tm 1 Tr 0 0 0 0.72 K (k)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 357.315 28.125 Tm 0 0 0 0.72 k (h)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 357.33 28.14 Tm 1 Tr 0 0 0 0.72 K (h)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 362.805 28.125 Tm 0 0 0 0.72 k (a)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 362.82 28.14 Tm 1 Tr 0 0 0 0.72 K (a)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 367.785 28.125 Tm 0 0 0 0.72 k (r)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 367.8 28.14 Tm 1 Tr 0 0 0 0.72 K (r)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 371.295 28.125 Tm 0 0 0 0.72 k (t)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 371.31 28.14 Tm 1 Tr 0 0 0 0.72 K (t)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 374.775 28.125 Tm 0 0 0 0.72 k ( )Tj ET q 0.27 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 9 0 0 9 377.265 28.125 Tm 0 0 0 0.72 k (N)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 377.28 28.14 Tm 1 Tr 0 0 0 0.72 K (N)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 383.745 28.125 Tm 0 0 0 0.72 k (i)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 383.76 28.14 Tm 1 Tr 0 0 0 0.72 K (i)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 386.265 28.125 Tm 0 0 0 0.72 k (c)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 386.28 28.14 Tm 1 Tr 0 0 0 0.72 K (c)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 390.255 28.125 Tm 0 0 0 0.72 k (h)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 390.27 28.14 Tm 1 Tr 0 0 0 0.72 K (h)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 395.745 28.125 Tm 0 0 0 0.72 k (o)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 395.76 28.14 Tm 1 Tr 0 0 0 0.72 K (o)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 401.235 28.125 Tm 0 0 0 0.72 k (l)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 401.25 28.14 Tm 1 Tr 0 0 0 0.72 K (l)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 403.725 28.125 Tm 0 0 0 0.72 k (s)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 403.74 28.14 Tm 1 Tr 0 0 0 0.72 K (s)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 407.205 28.125 Tm 0 0 0 0.72 k (o)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 407.22 28.14 Tm 1 Tr 0 0 0 0.72 K (o)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 412.695 28.125 Tm 0 0 0 0.72 k (n)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 412.71 28.14 Tm 1 Tr 0 0 0 0.72 K (n)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 418.185 28.125 Tm 0 0 0 0.72 k ( )Tj ET q 0.27 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 9 0 0 9 420.675 28.125 Tm 0 0 0 0.72 k (G)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 420.69 28.14 Tm 1 Tr 0 0 0 0.72 K (G)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 427.185 28.125 Tm 0 0 0 0.72 k (r)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 427.2 28.14 Tm 1 Tr 0 0 0 0.72 K (r)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 430.665 28.125 Tm 0 0 0 0.72 k (a)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 430.68 28.14 Tm 1 Tr 0 0 0 0.72 K (a)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 435.675 28.125 Tm 0 0 0 0.72 k (h)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 435.69 28.14 Tm 1 Tr 0 0 0 0.72 K (h)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 441.165 28.125 Tm 0 0 0 0.72 k (a)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 441.18 28.14 Tm 1 Tr 0 0 0 0.72 K (a)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 446.145 28.125 Tm 0 0 0 0.72 k (m)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 446.16 28.14 Tm 1 Tr 0 0 0 0.72 K (m)Tj ET Q Q q BT /F1 1 Tf 7 0 0 7 456.975 28.095 Tm 0 0 0 0.72 k (L)Tj ET q 0.21 w BT /F1 1 Tf 7 0 0 7 456.99 28.11 Tm 1 Tr 0 0 0 0.72 K (L)Tj ET Q Q q BT /F1 1 Tf 7 0 0 7 460.365 28.095 Tm 0 0 0 0.72 k (L)Tj ET q 0.21 w BT /F1 1 Tf 7 0 0 7 460.38 28.11 Tm 1 Tr 0 0 0 0.72 K (L)Tj ET Q Q q BT /F1 1 Tf 7 0 0 7 463.755 28.095 Tm 0 0 0 0.72 k (P)Tj ET q 0.21 w BT /F1 1 Tf 7 0 0 7 463.77 28.11 Tm 1 Tr 0 0 0 0.72 K (P)Tj ET Q Q q BT /F1 1 Tf 7.458 0 0 7.458 476.1519 28.1019 Tm 0 0 0 0.72 k (|)Tj ET q 0.2237 w BT /F1 1 Tf 7.458 0 0 7.458 476.16 28.11 Tm 1 Tr 0 0 0 0.72 K (|)Tj ET Q Q q BT /F1 1 Tf 7.458 0 0 7.458 477.7719 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 479.7819 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 481.7919 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 483.8019 28.1019 Tm 0 0 0 0.72 k ( )Tj ET q 0.2237 w 0 0 0 0.72 K S BT /F1 1 Tf 7 0 0 7 485.9969 27.9845 Tm 0.58 0.17 0 0.46 k (DECEMBER 2005)Tj 10 0 0 10 102.9657 27.576 Tm 0 0 0 1 k (5)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 102.135 732.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 102.15 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 106.215 732.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 106.23 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 108.315 732.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 108.33 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 114.405 732.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 114.42 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 120.495 732.135 Tm 0.58 0.17 0 0.46 k (L)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 120.51 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (L)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 124.575 732.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 127.155 732.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 127.17 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 131.745 732.135 Tm 0.58 0.17 0 0.46 k (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 131.76 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 137.835 732.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 137.85 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 144.435 732.135 Tm 0.58 0.17 0 0.46 k (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 144.45 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 150.525 732.135 Tm 0.58 0.17 0 0.46 k (G)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 150.54 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (G)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 157.095 732.135 Tm 0.58 0.17 0 0.46 k (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 157.11 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 163.185 732.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 163.2 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 167.775 732.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 167.79 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 172.365 732.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 174.945 732.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 174.96 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 181.545 732.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 181.56 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 187.635 732.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 190.215 732.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 190.23 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 194.805 732.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 194.82 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 199.395 732.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 199.41 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 203.985 732.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 204 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 210.555 732.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 210.57 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 214.665 732.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 214.68 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET BT /F4 1 Tf 10 0 0 10 102 719 Tm 0 Tr 0 0 0 1 k -0.005 Tc (The Bankruptcy Code makes exercising the right of)Tj 0 -1.3 TD (setoff complicated whether that right is exercised)Tj 0 -1.30001 TD (pre-petition or post-petition. A creditor should)Tj T* (consider the timing of the setoff, the possibility of)Tj 0 -1.3 TD (disqualification of claims, and the elements of the)Tj 0 -1.30001 TD (setoff transaction under the Bankruptcy Code if the)Tj 0 -1.3 TD (setoff is to be taken post-petition. In order to reduce)Tj T* (the risk of violating the automatic stay, a creditor)Tj T* (should consult counsel before exercising its setoff)Tj 0 -1.30001 TD (rights.)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 102.135 576.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 102.15 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 107.205 576.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 107.22 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 111.765 576.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 111.78 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 117.855 576.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 117.87 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 124.425 576.135 Tm 0.58 0.17 0 0.46 k (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 124.44 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 130.485 576.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 130.5 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 135.075 576.135 Tm 0.58 0.17 0 0.46 k (M)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 135.09 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (M)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 143.145 576.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 143.16 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 147.705 576.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 147.72 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 153.765 576.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 153.78 576.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET BT /F4 1 Tf 10 0 0 10 102 563 Tm 0 Tr 0 0 0 1 k -0.005 Tc (When a possibility of taking a setoff arises, the)Tj 0 -1.3 TD (prudent creditor should also consider the potential)Tj T* (utilization of the doctrine of recoupment. While)Tj T* (similar to setoff, there are several subtle yet)Tj T* (important differences between these two mechanisms)Tj T* (for dealing with a debtor. As will be shown below,)Tj T* (recoupment is both a narrower and potentially a more)Tj T* (powerful doctrine. )Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 102.135 444.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 102.15 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 107.235 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 107.25 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 111.825 444.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 111.84 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 117.915 444.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 117.93 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 124.515 444.135 Tm 0.58 0.17 0 0.46 k (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 124.53 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 130.605 444.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 130.62 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 135.195 444.135 Tm 0.58 0.17 0 0.46 k (M)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 135.21 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (M)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 143.295 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 143.31 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 147.885 444.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 147.9 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 153.975 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 153.99 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 158.565 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 161.145 444.135 Tm 0.58 0.17 0 0.46 k (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 161.16 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 167.265 444.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 167.28 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 169.335 444.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 169.35 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 173.925 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 173.94 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 178.515 444.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 178.53 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 180.615 444.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 180.63 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 186.705 444.135 Tm 0.58 0.17 0 0.46 k (G)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 186.72 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (G)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 193.305 444.135 Tm 0.58 0.17 0 0.46 k (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 193.32 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 199.395 444.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 199.41 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 201.495 444.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 201.51 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 206.085 444.135 Tm 0.58 0.17 0 0.46 k (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 206.1 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 212.175 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 212.19 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 216.765 444.135 Tm 0.58 0.17 0 0.46 k (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 216.78 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 222.855 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 225.465 444.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 225.48 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 229.545 444.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 229.56 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 234.645 444.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 234.66 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 241.215 444.135 Tm 0.58 0.17 0 0.46 k (M)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 241.23 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (M)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 249.315 444.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 251.925 444.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 251.94 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 256.515 444.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 256.53 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 261.105 444.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 261.12 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 265.695 444.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 265.71 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 272.265 444.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 272.28 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 276.375 444.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 276.39 444.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET BT /F4 1 Tf 10 0 0 10 102 431 Tm 0 Tr 0 0 0 1 k -0.005 Tc (Recoupment is not addressed explicitly by the)Tj 0 -1.3 TD (Bankruptcy Code, but rather it is an equitable)Tj T* (doctrine developed by the courts. Nevertheless,)Tj T* (recoupment has long applied in the bankruptcy)Tj T* (context. )Tj 0 -1.9 TD (Recoupment, like setoff, always involves mutual)Tj 0 -1.3 TD (debts. Like setoff, it permits a creditor to \223net\224)Tj T* (mutual debts between itself and a debtor. Although)Tj T* (debts to be netted in a setoff can be from totally)Tj T* (unrelated transactions, recoupment is available only)Tj T* (where the two debts arise out of the \223same)Tj T* (transaction\224 or occurrence.)Tj 5 0 0 5 208.6317 285.4063 Tm (31)Tj 10 0 0 10 220.9318 282 Tm (For example, in one)Tj -11.89318 -1.3 TD (often-cited case, a court held that rental payments)Tj T* (due under a lease could be recouped against losses)Tj T* (caused by fraud in the inducement of the same lease)Tj T* (after the lessor went into bankruptcy because both)Tj T* (debts arose out of the \223same transaction\224 -- the)Tj T* (lease.)Tj 5 0 0 5 124.1831 207.4063 Tm (32)Tj 10 0 0 10 134.0331 204 Tm (Because of the \223same transaction\224)Tj -3.20331 -1.3 TD (requirement, the universe of debts eligible to be)Tj T* (recouped is much smaller and narrower in scope than)Tj T* (the range of debts eligible to be offset. )Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.135 732.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.15 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 332.235 732.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 332.25 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 336.825 732.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 336.84 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 342.915 732.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 342.93 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 349.515 732.135 Tm 0.58 0.17 0 0.46 k (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 349.53 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 355.605 732.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 355.62 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 360.195 732.135 Tm 0.58 0.17 0 0.46 k (M)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 360.21 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (M)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 368.295 732.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 368.31 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 372.885 732.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 372.9 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 378.975 732.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 378.99 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 383.565 732.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 386.175 732.135 Tm 0.58 0.17 0 0.46 k (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 386.19 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 392.265 732.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 392.28 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 398.355 732.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 398.37 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 402.945 732.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 405.525 732.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 405.54 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 411.645 732.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 411.66 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 416.235 732.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 416.25 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 421.335 732.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 421.35 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 425.925 732.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 425.94 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 432.015 732.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 432.03 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 434.085 732.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 434.1 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 440.205 732.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 442.785 732.135 Tm 0.58 0.17 0 0.46 k (K)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 442.8 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (K)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 448.365 732.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 448.38 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 452.985 732.135 Tm 0.58 0.17 0 0.46 k (Y)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 453 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (Y)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 458.565 732.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 461.145 732.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 461.16 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 467.265 732.135 Tm 0.58 0.17 0 0.46 k (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 467.28 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 473.355 732.135 Tm 0.58 0.17 0 0.46 k (V)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 473.37 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (V)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 478.935 732.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 478.95 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 485.025 732.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 485.04 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 491.115 732.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 491.13 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 495.705 732.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 495.72 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 501.825 732.135 Tm 0.58 0.17 0 0.46 k (G)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 501.84 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (G)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 508.395 732.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 508.41 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 512.985 732.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 513 732.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.135 720.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.15 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 333.705 720.135 Tm 0.58 0.17 0 0.46 k (V)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 333.72 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (V)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 339.285 720.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 339.3 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 343.845 720.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 343.86 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 348.915 720.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 351.495 720.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 351.51 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 356.085 720.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 356.1 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 360.645 720.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 360.66 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 365.205 720.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 365.22 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 371.775 720.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 371.79 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 375.855 720.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 375.87 720.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET BT /F4 1 Tf 10 0 0 10 327 707 Tm 0 Tr 0 0 0 1 k -0.005 Tc (Notwithstanding its limited applicability, recoupment)Tj 0 -1.3 TD (can be a very valuable tool for credit managers and)Tj T* (commercial lawyers alike. There are many)Tj T* (distinguishing characteristics that make recoupment)Tj T* (more advantageous in bankruptcy than setoff. )Tj /F8 1 Tf 9.25 0 0 9.25 327 637 Tm 0 0.4 0.7 0.25 k 0.028 Tc (Pre-petition Recoupment)Tj /F4 1 Tf 10 0 0 10 327 624 Tm 0 0 0 1 k -0.005 Tc (Recoupment and setoff have a similar effect in the)Tj 0 -1.3 TD (period preceding the filing of a petition in)Tj T* (bankruptcy; both are treated as forms of)Tj T* (counterclaims. However, in addition to the)Tj 0 -1.30001 TD (definitional distinction that recoupment must arise)Tj 0 -1.3 TD (out of the \223same transaction,\224 two other advantages)Tj 0 -1.30001 TD (between pre-petition recoupment and pre-petition)Tj 0 -1.3 TD (setoff should be mentioned. First, the statute of)Tj T* (limitations generally does not apply to bar a)Tj T* (recoupment defense, whereas a setoff may be time)Tj T* (barred by the limitations period absent statutory)Tj T* (authority holding otherwise.)Tj 5 0 0 5 438.6281 484.4063 Tm (33)Tj 10 0 0 10 450.9282 481 Tm (This serves as a)Tj -12.39282 -1.3 TD (potential advantage, of course, both in bankruptcy)Tj T* (and prior thereto. Second, the disqualification)Tj T* (provisions discussed above that reach back to)Tj T* (disqualify certain pre-petition setoffs do not affect a)Tj T* (true recoupment.)Tj /F8 1 Tf 9.25 0 0 9.25 327 398 Tm 0 0.4 0.7 0.25 k 0.028 Tc (Post-petition Recoupment )Tj /F4 1 Tf 10 0 0 10 327 385 Tm 0 0 0 1 k -0.005 Tc (Many of the requirements and limitations of the)Tj 0 -1.3 TD (Bankruptcy Code that are germane to setoff,)Tj T* (including the requirement that relief be sought from)Tj T* (the automatic stay and the prohibition of offsetting)Tj T* (pre-petition debts with post-petition debts, do not)Tj T* (apply to recoupments.)Tj 0 -1.9 TD (Because post-petition setoff is subject to the)Tj 0 -1.3 TD (Bankruptcy Code\222s automatic stay, a creditor must)Tj T* (make a claim for the amount it is owed and then)Tj T* (obtain court approval before it can offset the debts,)Tj T* (all while still paying the debtor fully. If the court)Tj T* (refuses to grant relief from the stay, a creditor is)Tj T* (forced to accept a secured claim for possible later)Tj T* (recovery from the debtor\222s estate. As a holder of a)Tj T* (secured claim, a creditor faces significant risks and)Tj T* (burdens prior to being able to recover anything on its)Tj T* (claim. It must await confirmation of the plan of)Tj 4 0 0 4 102 123.2559 Tm 0 Tc (31 )Tj 8 0 0 8 107 120.5371 Tm (Ashland Petroleum Co. v. Appel (In re B & L Oil Co.))Tj ET 0.4 w 0 0 0 1 K 107 119.7371 m 281.625 119.7371 l S BT /F4 1 Tf 8 0 0 8 281.625 120.5371 Tm (, 782 F.2d 155, 157 (10th Cir. 1986).)Tj 4 0 0 4 102 114.2559 Tm (32 )Tj 8 0 0 8 107 111.5371 Tm (Holford v. Powers (In re Holford))Tj ET 107 110.7371 m 215.3906 110.7371 l S BT /F4 1 Tf 8 0 0 8 215.3906 111.5371 Tm (, 896 F.2d 176 (5th Cir. 1990).)Tj 4 0 0 4 102 105.2559 Tm (33 )Tj 8 0 0 8 107 102.5371 Tm (Beach v. Ocwen Fed. Bank)Tj ET 107 101.7371 m 194.5254 101.7371 l S BT /F4 1 Tf 8 0 0 8 194.5254 102.5371 Tm (, 523 U.S. 410, 415 \(1998\) \(stating \223defendant\222s right to plead \221recoupment\222 . . . survives the expiration )Tj -10.81568 -1.125 TD (of the period provided by a statute of limitation that would otherwise bar the recoupment claim as an independent cause of action.\224\); )Tj T* (Harmer v. Hulsey)Tj ET 108 83.7371 m 165.084 83.7371 l S BT /F4 1 Tf 8 0 0 8 165.084 84.5371 Tm (, 321 Pa. Super. 11, 14 \(Pa. Super. Ct. 1983\) \(\223[R]ecoupments have traditionally been permitted, even if raised )Tj -7.1355 -1.125 TD (after the limitations period has run, whereas set-offs will not be permitted if late\224\). )Tj ET 1 w 0.5 0 1 0.4 K 101.657 131.823 m 314.633 131.823 l S Q Q endstream endobj 26 0 obj <>/ProcSet[/PDF]/ExtGState<>>>/Type/XObject/Length 126/Matrix[1 0 0 1 0 0]/OPI<>>>/FormType 1>>stream /GS2 gs q -0.0654 1 m -0.0654 -0.1023 l 1.0149 -0.1023 l 1.0149 1 l W n q 0 -1.10227 -52.39473 0 0.4748 1 cm BX/Sh0 sh EX Q Q endstream endobj 27 0 obj <>/ProcSet[/PDF]/ExtGState<>>>/Type/XObject/Length 52/Matrix[1 0 0 1 0 0]/OPI<>>>/FormType 1>>stream /GS2 gs q 16.662 0 0 792 0.084 -0.394 cm /Fm11 Do Q endstream endobj 28 0 obj <>stream /GS0 gs 0 0 0 0 k 0.083 -0.394 16.663 792 re f /GS1 gs q 0.083 -0.394 16.663 792 re W n /Fm10 Do Q /GS3 gs q BT /F1 1 Tf 9 0 0 9 280.935 28.125 Tm 0 0 0 0.72 k (K)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 280.95 28.14 Tm 1 Tr 0 0 0 0.72 K (K)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 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0.72 K S BT /F1 1 Tf 7 0 0 7 485.9969 27.9845 Tm 0.58 0.17 0 0.46 k (DECEMBER 2005)Tj 10 0 0 10 102.9657 28.576 Tm 0 0 0 1 k (6)Tj /F4 1 Tf -0.09657 70.25955 TD -0.005 Tc (reorganization or liquidation. The creditor is also)Tj 0 -1.3 TD (subject to the possibility of waiver by the debtor and)Tj T* (to the threat that the \223adequate protection\224 of its)Tj T* (secured claim could turn out to be less than adequate. )Tj 0 -1.9 TD (In contrast, many courts agree that recoupment is not)Tj 0 -1.3 TD (subject to the automatic stay.)Tj 5 0 0 5 216.8534 663.5776 Tm (3)Tj 0.495 0.00001 TD (4)Tj 10 0 0 10 229.1535 660.1713 Tm (Therefore, in certain)Tj -12.71535 -1.3 TD (circumstances, creditors may exercise their right to)Tj T* (recoup by reducing, dollar for dollar, any amount)Tj 0 -1.30001 TD (owing to a debtor by the amount that they are owed)Tj 0 -1.3 TD (from the \223same transaction\224 without petitioning the)Tj 0 -1.30001 TD (bankruptcy court for approval or relief from the stay.)Tj 0 -1.3 TD (Additionally, a creditor holding a right of recoupment)Tj T* (should not be forced to accept a secured claim in the)Tj T* (estate and, as such, the creditor is subject to fewer)Tj T* (risks than a creditor holding a post-petition right of)Tj T* (setoff. Significantly, however, not all courts are in)Tj T* (accord that the automatic stay is inapplicable to)Tj T* (recoupment; therefore, the prudent course of action is)Tj T* (to check with counsel before trying to recoup any)Tj T* (amounts post-petition. )Tj 0 -1.9 TD (Another advantage to recoupment in most)Tj 0 -1.3 TD (jurisdictions is that the debts to be applied against)Tj T* (one another need not be both pre-petition or )Tj T* (post-petition in order to be eligible to be recouped.)Tj T* (With setoff, both the creditor\222s obligation to the)Tj T* (debtor and the debtor\222s obligation to the creditor)Tj T* (must have arisen prior to or after the commencement)Tj T* (of the case in bankruptcy. In other words, with setoff)Tj T* (a creditor cannot net pre-petition debts against post-)Tj T* (petition debts. 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rather, it is a fact-intensive inquiry.)Tj T* (Moreover, as with many equitable doctrines, the)Tj T* (courts have been less than consistent in their)Tj T* (interpretations. )Tj /F8 1 Tf 9.25 0 0 9.25 327 731.0625 Tm 0 0.4 0.7 0.25 k 0.028 Tc (Defining the \223Same Transaction\224 Requirement)Tj /F4 1 Tf 10 0 0 10 327 718.0624 Tm 0 0 0 1 k -0.005 Tc (The most liberal test used to determine whether the)Tj 0 -1.3 TD (\223same transaction\224 element is satisfied is the \223logical)Tj 0 -1.30001 TD (relationship test,\224 under which recoupment is)Tj T* (permissible so long as the debts are \223sufficiently)Tj 0 -1.3 TD (interconnected so that it would be unjust to insist that)Tj 0 -1.30001 TD (one party fulfill its obligation without requiring the)Tj 0 -1.3 TD (same of the other party.\224)Tj 5 0 0 5 424.8669 643.4688 Tm (3)Tj 0.495 0.00001 TD (5)Tj 10 0 0 10 434.717 640.0624 Tm (Another test is the)Tj -10.7717 -1.3 TD (\223integrated transaction test,\224 under which the mutual)Tj T* (debts must \223arise out of a single integrated)Tj 0 -1.30001 TD (transaction\224 for recoupment to be applicable.)Tj 5 0 0 5 505.2175 604.4688 Tm (36)Tj 10 0 0 10 515.0676 601.0624 Tm (The)Tj -18.80676 -1.3 TD (main difference between the two tests is the nexus)Tj T* (required between the obligations to be netted. )Tj 0 -1.9 TD (Other courts have permitted recoupment only in an)Tj 0 -1.3 TD (overpayment context. For example, where a creditor)Tj 0 -1.30001 TD (has overpaid a debtor who then files for bankruptcy,)Tj 0 -1.3 TD (the creditor may recoup the amount by which it)Tj T* (overpaid from its post-petition obligation to the)Tj T* (debtor arising under the same contract. )Tj 0 -1.9 TD (Finally, in addition to the above tests, a court may)Tj 0 -1.3 TD (consider other factors, including whether there are)Tj T* (similar legal and factual issues to be decided and)Tj T* (whether to a large extent the same evidence can be)Tj T* (used in support of both the debtor\222s claim and the)Tj T* (creditor\222s defense.)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.135 384.135 Tm 0.58 0.17 0 0.46 k (W)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.15 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (W)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 335.715 384.135 Tm 0.58 0.17 0 0.46 k (H)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 335.73 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (H)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 341.805 384.135 Tm 0.58 0.17 0 0.46 k (Y)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 341.82 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (Y)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 347.415 384.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 349.995 384.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 350.01 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 352.095 384.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 352.11 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 356.685 384.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 359.295 384.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 359.31 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 364.395 384.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 364.41 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 368.985 384.135 Tm 0.58 0.17 0 0.46 k (C)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 369 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (C)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 375.075 384.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 375.09 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 381.675 384.135 Tm 0.58 0.17 0 0.46 k (U)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 381.69 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (U)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 387.765 384.135 Tm 0.58 0.17 0 0.46 k (P)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 387.78 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (P)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 392.355 384.135 Tm 0.58 0.17 0 0.46 k (M)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 392.37 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (M)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 400.455 384.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 400.47 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 405.045 384.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 405.06 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 411.135 384.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 411.15 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 415.725 384.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 418.305 384.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 418.32 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 422.925 384.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 422.94 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 427.995 384.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 428.01 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 432.615 384.135 Tm 0.58 0.17 0 0.46 k (A)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 432.63 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (A)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 438.705 384.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 438.72 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 443.295 384.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 443.31 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 447.885 384.135 Tm 0.58 0.17 0 0.46 k (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 447.9 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 453.975 384.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 456.585 384.135 Tm 0.58 0.17 0 0.46 k (D)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 456.6 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (D)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 462.675 384.135 Tm 0.58 0.17 0 0.46 k (I)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 462.69 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (I)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 464.775 384.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 464.79 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 468.855 384.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 468.87 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 472.935 384.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 472.95 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 477.525 384.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 477.54 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 482.625 384.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 482.64 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 487.215 384.135 Tm 0.58 0.17 0 0.46 k (N)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 487.23 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (N)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 493.305 384.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 493.32 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 497.895 384.135 Tm 0.58 0.17 0 0.46 k (L)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 497.91 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (L)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 502.005 384.135 Tm 0.58 0.17 0 0.46 k (Y)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 502.02 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (Y)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 507.585 384.135 Tm 0.58 0.17 0 0.46 k ( )Tj ET q 0.27 w 0.58 0.17 0 0.46 K S Q Q q BT /F5 1 Tf 9 0 0 9 510.195 384.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 510.21 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 514.275 384.135 Tm 0.58 0.17 0 0.46 k (R)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 514.29 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (R)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 519.375 384.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 519.39 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 525.975 384.135 Tm 0.58 0.17 0 0.46 k (M)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 525.9901 384.15 Tm 1 Tr 0.58 0.17 0 0.46 K (M)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 327.135 372.135 Tm 0.58 0.17 0 0.46 k (S)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 327.15 372.15 Tm 1 Tr 0.58 0.17 0 0.46 K (S)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 331.695 372.135 Tm 0.58 0.17 0 0.46 k (E)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 331.71 372.15 Tm 1 Tr 0.58 0.17 0 0.46 K (E)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 336.255 372.135 Tm 0.58 0.17 0 0.46 k (T)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 336.27 372.15 Tm 1 Tr 0.58 0.17 0 0.46 K (T)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 340.785 372.135 Tm 0.58 0.17 0 0.46 k (O)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 340.8 372.15 Tm 1 Tr 0.58 0.17 0 0.46 K (O)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 347.355 372.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 347.37 372.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 351.405 372.135 Tm 0.58 0.17 0 0.46 k (F)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 351.42 372.15 Tm 1 Tr 0.58 0.17 0 0.46 K (F)Tj ET Q Q q BT /F5 1 Tf 9 0 0 9 355.455 372.135 Tm 0.58 0.17 0 0.46 k (?)Tj ET q 0.27 w BT /F5 1 Tf 9 0 0 9 355.47 372.15 Tm 1 Tr 0.58 0.17 0 0.46 K (?)Tj ET BT /F4 1 Tf 10 0 0 10 327 359 Tm 0 Tr 0 0 0 1 k -0.005 Tc (While the reasons for the advantageous treatment of)Tj 0 -1.3 TD (recoupment vis-\340-vis setoff are often obscure, the)Tj T* (consensus is that recoupment is not subject to the)Tj T* (automatic stay or the limitations on netting only pre-)Tj T* (petition debts because it is more in the nature of a)Tj T* (defense to a debtor\222s or trustee\222s demand for payment)Tj T* (from a creditor, rather than an independent claim for)Tj T* (money from the estate asserted by a creditor.)Tj 5 0 0 5 504.1067 271.4063 Tm (37)Tj 10 0 0 10 327 255 Tm (Recoupment allows the creditor to reduce the amount)Tj 0 -1.3 TD (it owes a debtor by asserting against the debtor a)Tj T* (claim arising out of the \223same transaction\224 in order to)Tj T* (arrive at the proper amount for which the creditor is)Tj T* (liable. )Tj 0 -1.9 TD (In other words, when sued by a bankrupt\222s estate, a)Tj 0 -1.3 TD (creditor can show that because of circumstances)Tj T* (arising out of a transaction, it is not liable for all or)Tj 4 0 0 4 102 126.4883 Tm 0 Tc (34 )Tj 8 0 0 8 107 123.7696 Tm (Shugrue v. Chem. Bank, Inc. (In re Ionosphere Clubs, Inc.))Tj ET 0.4 w 0 0 0 1 K 107 122.9696 m 296.4883 122.9696 l S BT /F4 1 Tf 8 0 0 8 296.4883 123.7696 Tm (, 177 B.R. 198, 205 \(Bankr. S.D.N.Y. 1995\) \(noting that \223courts have a )Tj -23.56104 -1.125 TD (split on whether exercising recoupment rights violates the automatic stay\224\). Compare)Tj ET 353.6855 113.9696 m 383.0078 113.9696 l S BT /F4 1 Tf 8 0 0 8 385.0078 114.7696 Tm (Burley v. Am. Gas & Oil Investors \(In re )Tj ET 385.0078 113.9696 m 518.5156 113.9696 l S BT /F4 1 Tf 8 0 0 8 108 105.7696 Tm (Heafitz\))Tj ET 108 104.9696 m 134.1973 104.9696 l S BT /F4 1 Tf 8 0 0 8 134.1973 105.7696 Tm (, 85 B.R. 274, 280 \(Bankr. S.D.N.Y. 1988\)\(\223a party seeking to exercise a proper recoupment must first seek relief from the )Tj -3.27466 -1.125 TD (automatic stay\224\) with)Tj ET 162.6406 95.9696 m 176.8613 95.9696 l S BT /F4 1 Tf 8 0 0 8 178.8613 96.7696 Tm (In re Holford)Tj ET 178.8613 95.9696 m 221.0586 95.9696 l S BT /F4 1 Tf 8 0 0 8 221.0586 96.7696 Tm (, 896 F.2d 176, 179 (5th Cir. 1990) (holding that recoupment is not subject to the automatic stay).)Tj 4 0 0 4 102 90.4883 Tm (35 )Tj 8 0 0 8 107 87.7696 Tm (Aetna U.S. Healthcare, Inc. v. Madigan (In re Madigan))Tj ET 107 86.9696 m 286.2422 86.9696 l S BT /F4 1 Tf 8 0 0 8 286.2422 87.7696 Tm (, 270 B.R. 749, 755 (B.A.P. 9th Cir. 2001).)Tj 4 0 0 4 102 81.4883 Tm (36 )Tj 8 0 0 8 107 78.7696 Tm (Univ. Med. Ctr. v. Sullivan (In re Univ. Med. Ctr.))Tj ET 107 77.9696 m 269.6269 77.9696 l S BT /F4 1 Tf 8 0 0 8 269.6269 78.7696 Tm (, 973 F.2d 1065, 1081 (3d Cir. 1992).)Tj 4 0 0 4 102 72.4883 Tm (37)Tj 8 0 0 8 108 69.7696 Tm (In re B & L Oil Co.)Tj ET 108 68.9696 m 170.8769 68.9696 l S BT /F4 1 Tf 8 0 0 8 170.8769 69.7696 Tm (, 782 F.2d at 157.)Tj ET 1 w 0.5 0 1 0.4 K 102 133.148 m 314.976 133.148 l S Q Q endstream endobj 29 0 obj <>/ProcSet[/PDF]/ExtGState<>>>/Type/XObject/Length 126/Matrix[1 0 0 1 0 0]/OPI<>>>/FormType 1>>stream /GS2 gs q -0.0654 1 m -0.0654 -0.1023 l 1.0149 -0.1023 l 1.0149 1 l W n q 0 -1.10227 -52.39473 0 0.4748 1 cm BX/Sh0 sh EX Q Q endstream endobj 30 0 obj <>/ProcSet[/PDF]/ExtGState<>>>/Type/XObject/Length 52/Matrix[1 0 0 1 0 0]/OPI<>>>/FormType 1>>stream /GS2 gs q 16.662 0 0 792 0.084 -0.394 cm /Fm13 Do Q endstream endobj 31 0 obj <>stream /GS0 gs BT /F4 1 Tf 10 0 0 10 328.1096 730.6147 Tm 0 0 0 1 k -0.005 Tc (Finally, if trade credit is being granted, both parties)Tj 0 -1.30001 TD (should properly characterize their book entries. In)Tj -0.0051 Tc (g)' 0.4949 0.00001 TD -0.005 Tc (ranting trade credit, a trade creditor should)Tj -0.4949 -1.3 TD (specifically designate contra entries as recoupments,)Tj 0 -1.30001 TD -0.0051 Tc (a)Tj 0.43893 0.00001 TD -0.005 Tc (s opposed to using language that could be construed)Tj -0.43893 -1.30001 TD (as a setoff. )Tj 0 -1.9 TD (While these efforts do not guarantee that a creditor)Tj 0 -1.30001 TD (will be permitted to recoup its claim, relevant case)Tj 0 -1.3 TD (law suggests that courts are more likely to find a)Tj T* (right to recoupment where there is a single contract)Tj T* (with a recoupment provision and where the)Tj T* (obligations to be recouped are linked in some logical)Tj T* (fashion. )Tj /F8 1 Tf 9.25 0 0 9.25 328.1096 550.6147 Tm 0 0.4 0.7 0.25 k 0.028 Tc (Precautions Prior to Exercising a Right to)Tj 0 -1.2973 TD (Recoup)Tj /F4 1 Tf 10 0 0 10 328.1096 525.6147 Tm 0 0 0 1 k -0.005 Tc (Creditors should consult with counsel regarding the)Tj 0 -1.30001 TD (specific factors or tests employed by the court)Tj 0 -1.3 TD (hearing a debtor\222s bankruptcy case to determine)Tj T* (whether certain debts arise from the \223same)Tj T* (transaction.\224 In addition, while it is not normally)Tj T* (necessary to file a claim or to file a motion for relief)Tj T* (from the automatic stay, the most prudent course for)Tj T* (any creditor would be to file a motion for a)Tj T* (determination of whether recoupment is applicable.)Tj T* (A creditor may also file a proof of claim and identify)Tj T* (the amount included in the claim that is subject to)Tj T* (recoupment. 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Where)Tj T* (applicable, recoupment can give a creditor a)Tj T* (significant advantage over others attempting to)Tj T* (recover from the debtor. However, as an exception)Tj T* (to the Bankruptcy Code\222s automatic stay and ratable)Tj T* (distribution principle, the right to recoupment is)Tj T* (often narrowly construed. Therefore, it is prudent to)Tj T* (take some steps, such as memorializing agreements)Tj T* (in a single contract that incorporates a recoupment)Tj T* (provision, in order to bring obligations within the)Tj T* (ambit of the doctrine. )Tj ET 0 0 0 0 k 0.083 -0.394 16.663 792 re f Q Q /GS1 gs q 0.083 -0.394 16.663 792 re W n /Fm12 Do Q /GS3 gs q BT /F1 1 Tf 9 0 0 9 283.005 28.125 Tm 0 0 0 0.72 k 0 Tc (K)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 283.02 28.14 Tm 1 Tr 0 0 0 0.72 K (K)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 289.005 28.125 Tm 0 0 0 0.72 k 0 Tc (i)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 289.02 28.14 Tm 1 Tr 0 0 0 0.72 K (i)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 291.495 28.125 Tm 0 0 0 0.72 k 0 Tc (r)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 291.51 28.14 Tm 1 Tr 0 0 0 0.72 K (r)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 294.975 28.125 Tm 0 0 0 0.72 k 0 Tc (k)Tj ET q 0.27 w BT /F1 1 Tf 9 0 0 9 294.99 28.14 Tm 1 Tr 0 0 0 0.72 K (k)Tj ET Q Q q BT /F1 1 Tf 9 0 0 9 299.985 28.125 Tm 0 0 0 0.72 k 0 Tc (p)Tj ET q 0.27 w BT /F1 1 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ET Q Q q BT /F1 1 Tf 7 0 0 7 465.855 28.095 Tm 0 0 0 0.72 k 0 Tc (P)Tj ET q 0.21 w BT /F1 1 Tf 7 0 0 7 465.87 28.11 Tm 1 Tr 0 0 0 0.72 K (P)Tj ET Q Q q BT /F1 1 Tf 7.458 0 0 7.458 478.2519 28.1019 Tm 0 0 0 0.72 k 0 Tc (|)Tj ET q 0.2237 w BT /F1 1 Tf 7.458 0 0 7.458 478.26 28.11 Tm 1 Tr 0 0 0 0.72 K (|)Tj ET Q Q q BT /F1 1 Tf 7.458 0 0 7.458 479.8119 28.1019 Tm 0 0 0 0.72 k 0 Tc ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 481.8219 28.1019 Tm 0 0 0 0.72 k 0 Tc ( )Tj ET q 0.2237 w 0 0 0 0.72 K S Q Q q BT /F1 1 Tf 7.458 0 0 7.458 483.8019 28.1019 Tm 0 0 0 0.72 k 0 Tc ( )Tj ET q 0.2237 w 0 0 0 0.72 K S BT /F1 1 Tf 7 0 0 7 485.9969 27.9845 Tm 0.58 0.17 0 0.46 k (DECEMBER 2005)Tj /F4 1 Tf 10 0 0 10 102 732.4371 Tm 0 0 0 1 k -0.0051 Tc (p)Tj 0.49491 0.00001 TD -0.005 Tc (art of the claim. Stated simply, recoupment is a)Tj -0.4949 -1.30001 TD (defensive remedy that only serves to determine the)Tj 0 -1.3 TD (amount properly owed to a debtor, while setoff is an)Tj T* (attempt to establish and enforce a separate claim)Tj T* (against the debtor -- by definition an offensive act. )Tj 0 -1.9 TD -0.0051 Tc (T)Tj 0.60588 0.00001 TD -0.005 Tc (he parallel justification for bankruptcy\222s treatment)Tj -0.60588 -1.30001 TD (of recoupment is that the Bankruptcy Code only)Tj 0 -1.3 TD (governs the bankruptcy estate, and debts subject to a)Tj T* (right of recoupment are not considered to be a part)Tj T* (thereof. 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Therefore, even if a business)Tj T* (relationship has several distinct elements, it may be)Tj T* (advisable to memorialize all of these elements in a)Tj T* (single comprehensive contract outlining the total)Tj T* (agreement. For example, one court found that a)Tj T* (company could recoup amounts owed by a former)Tj T* (employee for personal charges on a corporate credit)Tj T* (card against severance payments owed to the)Tj T* (employee because both the employee\222s agreement to)Tj T* (pay for personal expenses and the severance)Tj T* (agreement were memorialized in a single contract.)Tj 5 0 0 5 301.3873 304.4063 Tm (38)Tj 10 0 0 10 102 282 Tm (However, the outlining of all obligations within the)Tj 0 -1.3 TD (same contract may not be sufficient in and of itself.)Tj T* (To achieve the requisite nexus for recoupment,)Tj T* (creditors also should link the activities within the)Tj T* (contract in some logical fashion. 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