Laws, Regulations and Annotations

Search

BTLG Table of Contents > Sales and Use Tax Annotations > I > 320.0000 Interest and Penalties > Annotation 320.0045

Sales and Use Tax Annotations

A    B    C    D    E    F    G    H    I    J    L    M    N    O    P    R    S    T    U    V    W    X   

---

I

---

320.0000 Interest and Penalties—Regulation 1703

Annotation 320.0045

---

320.0045 Bankruptcy Setoffs. The Bankruptcy Code does not permit setoffs of post petition debts on pre-petition claims because of the absence of the mutuality of the debts required by section 553(a) of the code. The pre-petition debt relates to the debtor while the post-petition debt relates to the bankrupt estate. 1/7/91.