---
title: O.C.G.A. § 33-37-29. Mutual debts and credits.
collection: code
id: 33-37-29
cite_as: O.C.G.A. § 33-37-29 (2025)
canonical_url: https://georgiacommons.org/code/33-37-29
md_url: https://georgiacommons.org/code/33-37-29.md
text_url: https://georgiacommons.org/code/33-37-29/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t33-ch23-65-(v25)-2020-pdf.pdf?sfvrsn=68297_0#page=761
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/33-37.md
previous: https://georgiacommons.org/code/33-37-28.md
next: https://georgiacommons.org/code/33-37-30.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: INSURANCE / INSURERS REHABILITATION AND LIQUIDATION / PROCEDURE FOR REHABILITATION
---

# O.C.G.A. § 33-37-29. Mutual debts and credits.

(a) 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.

(b) No setoff shall be allowed in favor of any person where:

(1) 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;

(2) 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

(3) 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.

## History

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).