A Charge and set-off in capital members of multi state cooperative society shall have a charge on the share or contribution or interest in the capital and on the deposits of a member or past or deceased member and on any dividend, bonus or profits payable to a member past member or the estate of a deceased member in respect of any debt due from such member or past member or the estate of such deceased member to the society and may set-off any sum credited or payable to a member or past member or the estate of deceased member in or towards payment of any such debt. A Restriction on Other Transactions With Non-Members shall have a charge upon the share or interest in the capital and on the deposits of a member or past member and upon any dividend, bonus or profits payable to a member or past member in respect of any debt due from such member or past member to the society, and may set-off any sum credited or payable to a member or past member in or towards payment of any such debt. Right of a banker to Charge a Portion of tin: Amount to the Drawer's "Private Account," Where There Are not Sufficient Funds in His Business Account Question 411.A customer has two current accounts (one an ordinary business account, the other entitled "private account"). A cherub on multi state society an outside point deposited by him has been dishonored, protested, returned and charged back to his account, but there are not sufficient funds to pay it is the bank legally justified in charging his "private account" with the balance of the item, or with as much of it as this account will permit no promise was made that his "private account" should not be charged back if necessary (as well as the other account), with any returned dishonored item.
A charge off means that the original creditor has sold the debt to a third party a collection agency. This means the original creditor is probably not going to sue you, BUT the collection agency still can! They have assumed the debt and, provided the statute of limitations has not expired, they have the right to pursue a judgment against you. If you have a debt 120 days past due, this does NOT mean it won't be charged off. My advice is to make a payment if you can. You do not want the debt charged off. A charge off and resulting collection account will be worse on your credit cooperative society.We have some unfortunate news. Today we make the official announcement that Benjamin Panic is no longer a part of Set It Off. I know it may sound cliché, but it was a hard decision that was met mutually. We still consider him a great friend, and hope him the best in all his future ventures. Banjo has written his own bog on the matter so you can see his viewpoints as he cites some of the reasons that we decided to part ways. We will not go into an explanation on here because it’s repeal and savings in cooperative society.