Definitions for "Counter claim"
The Emancipation Act of 1834 gave slaves their freedom. Slave owners had to claim the compensation money that was paid for each slave owned. Where the ownership of a slave was in dispute (because of debts, mortgages, complex inheritances, etc) a counter-claim was lodged by the other claimants to get their share of the compensation.
A claim raised by the originator against the paying bank following settlement of an indemnity claim which the originator believes to be unjustified.
The defendant sues the plaintiff for damages for which the defendant claims the plaintiff is legally liable or at fault.
A collection procedure where the debtor's account is offset by another Government account in which the debtor has credit.