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The ability of a creditor to exercise its contractual, common law or statutory rights under non-bankruptcy law to set off amounts owed to a debtor in bankruptcy against the debtor s obligations to the creditor gives offsetting creditors an important advantage. Unlike many other creditors, creditors with setoff rights can receive preferential treatment in the form of full payment on their claims up to the amount of the setoff. However, a limitation on the exercise of setoff rights in bankruptcy is the Bankruptcy Code s requirement that the debts involved must be mutual, a concept that is not well understood and sometimes disputed in the courts. The U.S. Court of Appeals for the Third Circuit recently addressed the meaning of mutuality in this context as a matter of first impression. In ....

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