Alaska § 21.78.270 - Setoffs and counterclaims.
Full text of Alaska Alaska Statutes § 21.78.270 — Setoffs and counterclaims., with citation guidance and answers to common questions.
§ 21.78.270. Setoffs and counterclaims.
(a) Except as provided in (b) of this section and in AS 21.78.271 , a mutual debt or mutual credit between an insurer and another person in connection with an action or proceeding under this chapter shall be set off, and only the balance may be allowed or paid.
(b) A setoff or counterclaim may not be allowed in favor of a person if the obligation of the (1) insurer to the person would not, at the date of the filing of a petition for liquidation, entitle the person to share as a claimant in the assets of the insurer;
(2) insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;
(3) person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution; or
(4) person is to pay premiums, whether earned or unearned, to the insurer.
Frequently Asked Questions About Alaska § 21.78.270
What does Alaska Statutes § 21.78.270 cover?
Section 21.78.270 ("Setoffs and counterclaims.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 21.78.270?
A common citation format is "Alaska Statutes § 21.78.270" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 21.78.270 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.