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.
32.
We must decide whether the creditor of a debtor in bankruptcy may, in order to protect its setoff rights, temporarily withhold payment of a debt that it owes to the debtor in bankruptcy without violating the automatic stay imposed by 11 U . S . C . s362 ( a ).
33.
"( A ) n administrative hold, " it said, " is tantamount to the exercise of a right of setoff and thus violates the automatic stay of s362 ( a ) ( 7 ) . " 37 F . 3d 155, 158 ( CA4 1994 ).
34.
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 such as ss542 ( b ) and 553 ( a ) would lead this Court to embrace the same intent requirement.
35.
Nor is our assessment of these provisions changed by the fact that s553 ( a ), in generally providing that nothing in the Bankruptcy Code affects creditors'prebankruptcy setoff rights, qualifies this rule with the phrase " ( e ) xcept as otherwise provided in this section and in sections 362 and 363 ."
36.
The requirement of an intent permanently to settle accounts is implicit in the prevailing state-law rule that a setoff has not occurred until ( i ) a decision to effectuate it has been made, ( ii ) some action accomplishing it has been taken, and ( iii ) a recording of it has been entered.
37.
The discharge also does not eliminate certain rights of a creditor to setoff ( or " offset " ) certain mutual debts owed by the creditor to the debtor against certain claims of that creditor against the debtor, where both the debt owed by the creditor and the claim against the debtor arose prior to the commencement of the case.
38.
A requirement of such an intent is implicit in the rule followed by a majority of jurisdictions addressing the question, that a setoff has not occurred until three steps have been taken : ( i ) a decision to effectuate a setoff, ( ii ) some action accomplishing the setoff, and ( iii ) a recording of the setoff.
39.
A requirement of such an intent is implicit in the rule followed by a majority of jurisdictions addressing the question, that a setoff has not occurred until three steps have been taken : ( i ) a decision to effectuate a setoff, ( ii ) some action accomplishing the setoff, and ( iii ) a recording of the setoff.
40.
A requirement of such an intent is implicit in the rule followed by a majority of jurisdictions addressing the question, that a setoff has not occurred until three steps have been taken : ( i ) a decision to effectuate a setoff, ( ii ) some action accomplishing the setoff, and ( iii ) a recording of the setoff.
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