§ 151. Right of set off against unmatured debts. Every debtor shall
have the right upon:

(a) the filing of a petition under any of the provisions of the
federal bankruptcy act or amendments thereto or the commencement of any
proceeding under any foreign bankruptcy, insolvency, debtor relief or
other similar statute or body of law, by or against a creditor;

(b) the making of an assignment by a creditor for the benefit of its
creditors;

(c) the application for the appointment, or the appointment, of any
receiver of, or of any of the property of a creditor;

(d) the issuance of any execution against any of the property of a
creditor;

(e) the issuance of a subpoena or order, in supplementary proceedings,
against or with respect to any of the property of a creditor; or

(f) the issuance of a warrant of attachment against any of the
property of a creditor,
to set off and apply against any indebtedness, whether matured or
unmatured, of such creditor to such debtor, any amount owing from such
debtor to such creditor, at or at any time after, the happening of any
of the above mentioned events, and the aforesaid right of set off may be
exercised by such debtor against such creditor or against any trustee in
bankruptcy, debtor in possession, assignee for the benefit of creditors,
receiver or execution, judgment or attachment creditor of such creditor,
or against anyone else claiming through or against such creditor or such
trustee in bankruptcy, debtor in possession, assignee for the benefit of
creditors, receivers, or execution, judgment or attachment creditor,
notwithstanding the fact that such right of set off shall not have been
exercised by such debtor prior to the making, filing or issuance, or
service upon such debtor of, or of notice of, any such petition;
assignment for the benefit of creditors; appointment or application for
the appointment of a receiver; or issuance of execution, subpoena or
order or warrant.