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.

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