When this perfectly reasonable reading is available, it would be foolish to take the s553 ( a ) " except " clause as indicating that s362 ( a ) ( 7 ) requires immediate payment of a debt subject to setoff.
22.
Whether that temporary refusal was otherwise wrongful is a separate matter we do not consider, for example, respondent's contention that the portion of the account subjected to the " administrative hold " exceeded the amount properly subject to setoff.
23.
We think it was not, because as evidenced by petitioner's " Motion for Relief from Automatic Stay and for Setoff " petitioner did not purport permanently to reduce respondent's account balance by the amount of the defaulted loan.
24.
The right of setoff ( also called " offset " ) allows entities that owe each other money to apply their mutual debts against each other, thereby avoiding " the absurdity of making A pay B when B owes A ."
25.
This undoubtedly refers to s362 ( a ) ( 7 ), but we think it is most naturally read as merely recognizing that provision's restriction upon when an actual setoff may be effected which is to say, not during the automatic stay.
26.
In addition, it says, it owes more than $ 700, 000 for drugs it could not sell, more than $ 300, 000 in expenses incurred by OTS and Kriger, and several hundred thousand dollars in additional refund, inventory and setoff costs.
27.
That would render s553 ( a )'s general rule that the Bankruptcy Code does not affect the right of setoff meaningless, for by forcing the creditor to pay its debt immediately, it would divest the creditor of the very thing that supports the right of setoff.
28.
That would render s553 ( a )'s general rule that the Bankruptcy Code does not affect the right of setoff meaningless, for by forcing the creditor to pay its debt immediately, it would divest the creditor of the very thing that supports the right of setoff.
29.
But even if state law were different, the question whether a setoff under s362 ( a ) ( 7 ) has occurred is a matter of federal law, and other provisions of the Bankruptcy Code would lead us to embrace the same requirement of an intent permanently to settle accounts.
30.
It would be an odd construction of s362 ( a ) ( 7 ) that required a creditor with a right of setoff to do immediately that which s542 ( b ) specifically excuses it from doing as a general matter : pay a claim to which a defense of setoff applies.
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