Georgia § 33-37-29 - Mutual debts and credits.
Full text of Georgia Official Code of Georgia Annotated § 33-37-29 — Mutual debts and credits., with citation guidance and answers to common questions.
§ 33-37-29. Mutual debts and credits.
In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b) of this Code section. No setoff shall be allowed in favor of any person where: The obligation of the insurer to the person would not, at the date of the entry of any liquidation order or otherwise, as provided in Code Section 33-37-17 , entitle him to share as a claimant in the assets of the insurer; The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as a setoff; or The obligation of the person is to pay an assessment levied against the members of a mutual insurer or against the subscribers of a reciprocal insurer or is to pay a balance upon the subscription to the capital stock of a stock insurer. (Code 1981, § 33-37-29 , enacted by Ga. L. 1991, p. 1424, § 7.) Code Commission notes. - Pursuant to Code Section 28-9-5, in 1991, "set off" was substituted for "setoff" in subsection (a).
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 33-37-29
What does Official Code of Georgia Annotated § 33-37-29 cover?
Section 33-37-29 ("Mutual debts and credits.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. 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 Georgia § 33-37-29?
A common citation format is "Official Code of Georgia Annotated § 33-37-29" (Georgia). 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 Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 33-37-29 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia 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 Georgia.