first money in, first money out

first money in, first money out
A rule applied in determining the existence of alien upon a fund, such as a bank deposit, where during a period, there are various deposits and withdrawals. Mississippi Cottonseed Products Co. v Canal Bank & Trust Co. 172 Miss 105, 159 So 404. The rule under which a particular credit in a bank is not regarded as having been drawn on until there is drawn an amount of money greater than the amount in the account at the moment prior to such credit and the credit is completely withdrawn when the depositor has drawn a sum equal to the amount in the account when the credit was entered plus the amount of the credit. 11 Am J2d B & N § 342.

Ballentine's law dictionary. . 1998.

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