mutual account

mutual account
An account in which items are debited and credited on both sides. 1 Am J2d Acctg § 5. With more elaboration, an account arising where there are mutual dealings between two persons and the account is allowed to run with a view to an ultimate adjustment of the balance; an account on which the items on either side belong and on which they operate to extinguish each other pro tanto, so that the balance on either side is the debt between the parties. 1 Am J2d Acctg § 5. To render an account mutual within the meaning of the statute of limitations, there must be an alternate course of dealing between the parties, giving rise to cross demands upon which they might respectively maintain actions, and there must be a mutual agreement, express or implied, that the items of the account upon the one side and the other are to be set against each other. 34 Am J1st Lim Ac § 97.

Ballentine's law dictionary. . 1998.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • open and mutual account — See mutual account; open account …   Ballentine's law dictionary

  • mutual — Common to both parties. Interchangeable; reciprocal; each acting in return or correspondence to the other; given and received; spoken of an engagement or relation in which like duties and obligations are exchanged; e.g., the marital relation. As… …   Black's law dictionary

  • mutual — Common to both parties. Interchangeable; reciprocal; each acting in return or correspondence to the other; given and received; spoken of an engagement or relation in which like duties and obligations are exchanged; e.g., the marital relation. As… …   Black's law dictionary

  • mutual accounts — Accounts comprising mutual credits between the parties; or an existing credit on one side which constitutes a ground for credit on the other, or where there is an understanding that mutual debts shall be a satisfaction or set off pro tanto… …   Black's law dictionary

  • mutual accounts — Accounts comprising mutual credits between the parties; or an existing credit on one side which constitutes a ground for credit on the other, or where there is an understanding that mutual debts shall be a satisfaction or set off pro tanto… …   Black's law dictionary

  • mutual, open, and current account — A mutual account which has not been closed, settled, or stated, but in which the inclusion of further dealings between the parties is contemplated. 34 Am J1st Lim Ac § 96 …   Ballentine's law dictionary

  • account — An unsettled demand or claim by one person against another, based upon a transaction or transactions creating a debtor and creditor relation between the parties, which is usually but not necessarily represented by an ex parte record kept by one… …   Ballentine's law dictionary

  • Mutual fund fees and expenses — are charges that may be incurred by investors who hold mutual funds. Running a mutual fund involves costs, including shareholder transaction costs, investment advisory fees, and marketing and distribution expenses. Funds pass along these costs to …   Wikipedia

  • account — I (evaluation) noun appraisal, assessment, com pre rendu, enumeration, financial statement, ledger, list of receipts and payments, ratio, register, statement, statement of debits and credits, statement of pecuniary transactions, tally, valuation… …   Law dictionary

  • Mutual Broadcasting System — Type Cooperative radio network (1934–52); corporate controlled radio network (1952–99) …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”