CFT
Webinars are purely educational. Instructors are not permitted to sell any
products or services during the presentation.
Program
Content:
“Right
of Setoff” is used frequently in the banking industry when trying to
collect on past-due debts owed by customers. Unfortunately, many bankers
don’t understand the legal requirements and procedures necessary to use
this process. The risks of using the process incorrectly can be costly to
your financial institution. On the other hand, successfully using the right
of setoff can protect your financial institution from significant financial
losses.
Do you
know when the right of setoff is allowed and when it isn’t? Do you know if
your financial institution has a statutory or contractual right of setoff?
Do you understand the financial risks of using your setoff rights
incorrectly? If you don’t know the answers to these questions, make sure to
attend this valuable webinar.
Covered
Topics:
- What are the legal requirements to create a “right
of setoff?”
- What is the difference between a contractual right
of setoff and a statutory right of setoff?
- •What are the differences between setoff,
garnishment, and foreclosure of security interest, and why are these
terms frequently misused?
- What happens when a third party is competing with
your financial institution’s right of setoff?
- How does the automatic stay in bankruptcy affect
the right of setoff?
- When is the right of setoff absolutely prohibited?
- How to handle notice to the customer?
- What is sample contractual language that can help
your financial institution exercise its setoff rights?
- What are the liabilities that can be incurred when
setoff is done incorrectly?
Who
Should Attend?:
All
loan and deposit personnel, bank counsel and compliance officers. Please forward email to appropriate
person(s).
Instructor:
Terri
Thomas is Senior VP and
Legal Department Director for the Kansas Bankers Association. Prior to
this, she was with "Bankers Choice," a financial consulting firm.
Before this, Terri was employed in the financial industry for over
twenty-three years in various capacities. Most notably, she served for
fourteen years as in-house legal counsel and trust officer for Bank of
America and its Kansas predecessors. Receiving her Bachelor of Arts degree
from Kansas State University in 1985, Terri continued her education at
Washburn University School of Law and obtained her Juris Doctor in 1988.
Currently, she serves as an adjunct instructor at Washburn University
School of Law. She has previously been an adjunct instructor at the
University of Kansas School of Law, and is a frequent presenter for banking
schools and financial associations.
What
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interactivity and visual presentation of the internet. All you need to
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have an internet connection, you can still participate in the audio session.
Listening to the program over the telephone and following the written
materials is an effective alternative!
Unable
To Attend?:
No
problem. You can purchase a recording of the webinar for future use. You
can choose from either an On-Demand Web Link (Good for 6 months from the
webinar date, unlimited use) or a CD-ROM (includes a paper copy of the
PowerPoint slides).
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