- account
- A detailed statement of the mutual demands in the nature of debit and credit between parties, arising out of contracts or some fiduciary relation. A statement in writing, of debits and credits, or of receipts and payments; a list of items of debits and credits, with their respective dates. A statement of pecuniary transactions; a record or course of business dealings between parties; a list or statement of monetary transactions, such as payments, losses, sales, debits, credits, accounts payable, accounts receivable, etc., in most cases showing a balance or result of comparison between items of an opposite nature.See also aging of accounts- custody account- liquidated account- ledger- margin account- nominal account- stated account- statement of account.For open account, see openCommercial transactions.In the check collection process, "any account with a bank and includes a checking, time, interest or savings account." U.C.C. No. 4-104(l)(a).In secured transactions law, "any right to payment for goods sold or leased or for services rendered which is not evidenced by an instrument or chattel paper, whether or not it has been earned by performance," including ordinary accounts receivable and rights under a ship charter, U.C.C. No. 9-106, and also the right to proceeds of a letter of credit. U.C.C. No. 5-116(2).Account, or account render."Account," sometimes called "account render," was a form of action at common law against a person who by reason of some fiduciary relation (as guardian, bailiff, receiver, etc.) was bound to render an account to another, but refused to do so. Peoples Finance & Thrift Co. of Visalia v. Bowman, 58 Cal.App.2d 729, 137 P.2d 729, 731See also account annexed- open account
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.
