Third Circuit Holds that Setoff Rights Under § 553 Require “Strict Bilateral Mutuality” and Finds that “Triangular Setoffs” Are Unenforceable
Mintz Associate, Tim McKeon, wrote an article for the American Bankruptcy Institute about the decision of the the U.S. Court of Appeals for the Third Circuit squarely rejecting the view that “triangular setoffs” fall within the protective circle of § 553 of the Bankruptcy Code.
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