547. Cases where set-off allowed.

547.     Cases where set-off allowed.

Set-off will be allowed between a debt due to one party and the amount of acceptances given to him by the other which are outstanding in the hands of third parties1.

There may be set-off between factors and those who deal with them without any knowledge of principals2.

A salesman in possession of money, the proceeds of sale of his employer's goods, or those goods still unsold, is in principle entitled to set off his unpaid commission against that money or those goods3.

If a contributory of a company is bankrupt, debts due to him