Mississippi § 83-24-59 - Mutual debts or mutual credits between insurer and another person; setoff.
Full text of Mississippi Mississippi Code of 1972 Annotated § 83-24-59 — Mutual debts or mutual credits between insurer and another person; setoff., with citation guidance and answers to common questions.
§ 83-24-59. Mutual debts or mutual credits between insurer and another person; setoff.
Mutual debts or mutual credits, whether arising out of one or more contracts between the insurer and another person in connection with any action or proceeding under this chapter, shall be set off and the balance only shall be allowed or paid, except as provided in Section 83-24-65. No set off shall be allowed in favor of any person where: The obligation of the 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; or The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a set off; The obligation of the 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.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 83-24-59
What does Mississippi Code of 1972 Annotated § 83-24-59 cover?
Section 83-24-59 ("Mutual debts or mutual credits between insurer and another person; setoff.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. 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 Mississippi § 83-24-59?
A common citation format is "Mississippi Code of 1972 Annotated § 83-24-59" (Mississippi). 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 Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 83-24-59 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi 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 Mississippi.