Does a creditor have a right to set off against an insolvent bank?
MultiRegion, United States of America
The following excerpt is from Murphy v. F.D.I.C., 38 F.3d 1490 (9th Cir. 1994):
The right to set-off may arise, however, independently of contract. We held in FDIC v. Mademoiselle of California, 379 F.2d 660 (9th Cir.1967), that set-off arises independently of contract, as a matter of equity, where a person was both a creditor of and a debtor to an insolvent bank:
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