The 2024 Florida Statutes
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. . . holding that Branch Banking and Trust Company (“the bank”) was entitled to offsets pursuant to section 631.281 . . . erred in both cases by granting offsets where there was no mutuality of debts, as required by section 631.281 . . . requested enforcement of its rights as a secured creditor and, alternatively, offsets pursuant to section 631.281 . . . The offset claim was based on section 631.281, which provides, in pertinent part, as follows: (1) In . . . As the statute indicates, an offset can be granted only where there is mutuality. § 631.281. . . .
. . . Section 631.281, Florida Statutes (2004), addresses offsets and provides: (1) In all cases of mutual . . .
. . . specifically prohibited set off or offset of any debt owing to FIADA except offsets as provided in section 631.281 . . .
. . . right to retain the funds pursuant to s. 631.155, s. 631.191, s. 631.261, s. 631.262, s. 631.263, or s. 631.281 . . . Section 631.154(l)’s reference to the offset provisions of section 631.281 provides an example of just . . . Dept. of Ins., 507 So.2d 142 (Fla. 1st DCA 1987), construing section 631.281. . . .
. . . We find that Sunset Commercial Bank’s offset claim under section 631.281, Florida Statutes, should have . . . this order upon the contention that it has a self-executing right to offset by application of section 631.281 . . . While the act contains a statutory offset provision for mutual debts or credits, see section 631.281, . . . Florida Statutes, neither this enactment nor section 631.281 contains any exemption from filing requirements . . . The application of section 631.281 in this manner was recently approved by this court in Barnett Bank . . .
. . . Insurance Company (Midland), an insolvent insurer, seeking court approval of a setoff under section 631.281 . . . demonstrated the mutuality of obligation necessary to establish the right to an offset under section 631.281 . . . Section 631.281(1) provides that “[i]n all cases of mutual debts or mutual credits between the insurer . . . Thus, Barnett has demonstrated the mutuality required under section 631.281. . . . The offset permitted by 631.281 is, by its very nature, a specie of preference. . . .