Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf the economic effect of an * arrangement is to provide for the set - off, in whole or in part, of one or more amounts against one or more other amounts, this Subdivision applies as if:
(a) the parties to the arrangement had the respective rights and obligations that they would have had if the provision for economic set - off were structured as a provision for legal set - off of rights and obligations; and
(b) if the economic set - off happens--the parties were taken, under section 775 - 110, to have paid and received the respective amounts that they would have paid and received if the economic set - off were structured as a legal set - off of rights and obligations.