Education & Events

Right of Setoff on Deposit Accounts & Loans: Legal Issues

Date: 
Feb 06, 2019
Program Overview: 

Wednesday, February 6, 2019, 3:00 - 4:30 pm

Your institution has a common law right to setoff a depositor’s account for a debt owed to your institution – if certain legal requirements are satisfied.  In addition, your institution may have a contractual right of setoff – depending on the terms of your deposit contracts

If a debtor defaults on a loan, when can your institution apply money from the debtor’s account to pay the loan?  Does the debtor have to be notified beforehand?  What if the debtor’s account has a joint owner?  If your institution receives a garnishment from another creditor, can you setoff before honoring the garnishment?  This webinar will answer these questions and more.  Join us to learn the legal requirements that must be satisfied and the steps required before exercising the right of setoff. 

Topics: 

HIGHLIGHTS

  • Legal requirements that must be satisfied before setoff is permitted
  • Differences between a contractual right of setoff and a common law right of setoff, and when to use each
  • Differences between setoff and foreclosure of a security interest, and how to choose the best method
  • Situations when your institution can setoff without violating the other parties’ legal rights
  • Learn which accounts and loans are subject to setoff


  • TAKE-AWAY TOOLKIT
    • Checklist of items to satisfy before setoff is permitted
    • Employee training log
    • Quiz to measure staff learning and a separate answer key
Speaker: 

ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions.  Elizabeth is the head of the firm’s training division.  She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University.  In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant.  Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.  She is a member of the Missouri State Banking Board by appointment of the Governor.


 

Agenda: 

WHO SHOULD ATTEND 

This informative session is designed for staff involved with deposits, garnishments, or collections, including deposit operations personnel, loan operations staff, collectors, attorneys, compliance officers, auditors, and managers.

 

 

 

 

 

 

 

 

 

 

 

Fees: 

MEMBER

Live Webinar
    $255.00 Single Location
    $150.00 Each Additional Location

Recorded Webinar & Free Digital Download
    $255.00

Premiere Package (Live & Recorded Webinar with Free Digital Download)
    $375.00

Additional Information: 

COMING SOON! DON’T MISS THESE RELATED WEBINARS!

Consumer Collection Series: Your Borrower Filed Bankruptcy, Now What?
on Thursday, April 18, 2019

Consumer Collection Series: Effective Debt Collection Techniques & Strategies
on Wednesday, June 19, 2019

Association Contact: 

If you have any questions or need additional information, please contact Marcy Borden at 317-387-9380 or mborden@indianabankers.org

Cancellation Policy: 

Within three or more business days prior to the day of an educational program, no cancellation charge will be assessed. If your bank is unable to participate after registering, you can select to purchase the on-demand presentation.

Webinar Options: 

1.  Live Webinar
The LIVE WEBINAR option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered.  You may have as many people as you like listen from your office speaker phone. Registrants receive a toll-free number & pass code that will allow entrance to the seminar. Seminar materials, including instructions, pin number, and handouts will be emailed to you prior to the broadcast.  You will need the most current version of Adobe Reader available free at www.adobe.com.

2.  Recorded Webinar & Free Digital Download
Can’t attend the live webinar?  The recorded webinar & Free Digital web link is a recording of the live event, including audio, visuals, & handouts. We even provide the presenter’s email address so you may ask follow-up questions.  Approximately one week prior to the webinar, you will receive an email with the web link.  This web link can be viewed anytime 24/7, beginning 6 business days after the webinar and will expire 6 months after the live program date.  

LIMITED AVAILABILITY:  The Recorded Webinar & Free Digital Download web link may ONLY be ordered for 6 months following the webinar.

3.  Both Live Webinar & Recorded Webinar & Free Digital Download
Includes options 1 and 2 above

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