However, if the obligation sued upon constitutes an open book account, the statute of limitations begins to run from the date of the last entry on the account. An easytounderstand guide to the language of law from the dictionary experts at merriamwebster. Book account law and legal definition uslegal, inc. Add the power of cambridge dictionary to your website using our free search box widgets. Blacks law dictionary free online legal dictionary. But an open book account becomes closed, and the statute of limitations begins to run, once the account creditor ceases to extend credit on the account and there is no further activity on the account other than payment being made. If your entire account is frozen, you will need to stop the direct deposits so that you can be sure you will have access to your money. Several states have such series of books covering explanations of the law o. The no account theory bears some resemblance to anticriterialism,19 though the two are not the same. It is an account based on continuous dealing between the parties, which has not been closed, settled or stated, and which is kept open with the expectation of further transactions. To find all definitions that include a specific term, enter a word or phrase below. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is. Definition of account book in the legal dictionary by free online english dictionary and encyclopedia.
However, properly speaking, the term open account means only an account on which the balance has not been determined. The peoples law dictionary by gerald and kathleen hill publisher fine communications. On no account definition, an oral or written description of particular events or situations. Escrow is a legal concept in which a financial instrument or an asset is held by a third party on behalf of two other parties that are in the process of completing a transaction. Accountable definition, subject to the obligation to report, explain, or justify something. An account in trust is a general term used to define any type of financial account that is opened by an individual and managed by a designated trustee for the benefit of a third. Grandfathering financial definition of grandfathering. There are several encyclopedias of the law which fit this definition, the most famous of which is corpus juris secundum. A term used in book keeping, to express the lefthand page of the ledger, account, or account render in practice.
History definition, the branch of knowledge dealing with past events. Can someone define an open book account is there a. A company has the flexibility to tailor its chart of accounts to best suit its needs, including adding accounts. To learn steps to take so that a creditor cant levy your bank account, see avoiding frozen bank accounts. Information and translations of no account in the most comprehensive dictionary definitions resource on the web. Rbc virtual visa debits, thirdparty payment debits, rbc royal bank loan payments, rbc royal bank mortgage payments, preauthorized and selfserve rbc royal bank. For example, congress may change the law by stipulating that certain types of municipal bonds no longer pay taxfree interest while at the same time grandfathering the municipal bonds issued before the date on which the new law is to take effect. Legal definitions p the books of account of a merchant or trader kept in such a manner, that any competent person, by an examination of them, could ascertain and determine the real condition of his affairs. Of nolittle account definition and meaning collins. Account stated law and legal definition uslegal, inc. If you say that something is of no account or of little account, you mean that it is.
If a collection agency representing a debt buyer not original creditor begins collection attempts and. A nostro account refers to an account that a bank holds in a foreign currency in another bank. For the definition of a legal term, enter a word or phrase below. That the contractor used an open book account and it seeking payment of the billed activity. The assigning by a company or business to a lender, usually a bank, the interest that the person or company has in accounts receivables.
Open accounts law and legal definition uslegal, inc. Definition of on any account in the idioms dictionary. It is the reference of choice for terms in legal briefs and court opinions and has been cited as a secondary legal authority in many u. Noaccount meaning in the cambridge english dictionary. On no account definition and meaning collins english. Nostros, a term derived from the latin word for ours, are frequently used to facilitate foreign. A contingent liability is recorded in the accounting. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyers credit. Account, sometimes called account render, was a form of action at common law. Hence, an account stated arises when a particular amount is owed to the creditor by the debtor as of a certain date. Common counts may include claims of debt for goods sold and delivered, for work performed, for money loaned or advanced, for money paid requiring repayment, for money received on behalf of the plaintiff, or for money due on an account stated or on an open book account. A contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event. An open book account is a method used by companies to debit the account of a customer for a service or product and then bill the customer at a later date. The 2nd edition has over 15k legal terms for your business and research use.
Bequeath definition is to give or leave by will used especially of personal property. I found the following info regarding california law. This can provide a clear basis for suing for a debt. In a lawsuit, this is likely referring to the reason for the lawsuit. A book kept by a merchant, trader, mechanic, or other person, in which are entered from time to time the transactions of his. Blacks law is the most widely used law dictionary in the united states. Legalese definition is the specialized language of the legal profession.
Proper books of account law and legal definition uslegal. If something must on no account not on any account be done, it must not be done at any time or for. Teesside joint archives committee is being told next week that accessions to the archive have included a diary and account book of farmer thomas swinburne, of owton manor and rift house, in hartlepool. An open account may also be referred to as open current account, running account and mutual, open and current account. If you say that something should on no account be done, you are emphasizing that it. Continues to operate like an old world bazaar, 16 jan. Account balance in accounting, this refers to the balance or the amount within an account on a debit accounts, commerce. It is an account based on continuous dealing between the. Rbc student banking and rbc no limit banking for students accounts are available to any fulltime student upon presentation of student identification. Law dictionary search more than 10,000 legal words and phrases for clear definitions written in plain language. Dictionary grammar blog school scrabble thesaurus translator quiz more resources more from collins. Payee definition is one to whom money is or is to be paid. Definition of take no account of in the idioms dictionary. The law dictionary features blacks law dictionary, the trusted legal dictionary of law definitions and terms for over 100 years.
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