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LSDefine

Simple English definitions for legal terms

account

Read a random definition: cert pool

A quick definition of account:

Account: An account is a type of agreement that says someone owes you money. This is usually used in business deals. It does not include things like letters of credit, commercial tort claims, deposit accounts, investment property, chattel paper, or rights to payment for money or funds that have been advanced or sold.

A more thorough explanation:

An account is a type of financial asset that gives the holder the right to receive payment for a debt owed to them. This is defined under Article 9 of the Uniform Commercial Code. Examples of accounts include:

  • A customer's unpaid balance on a credit card
  • A business's outstanding invoices for goods or services provided
  • A landlord's right to collect rent from a tenant

However, it's important to note that certain types of financial assets are not considered accounts under the law. These include letters of credit, commercial tort claims, deposit accounts, investment property, chattel paper, and rights to payment for money or funds that have been advanced or sold.

For example, if a business sells goods to another business on credit, the outstanding balance owed to the seller is considered an account. The seller has the right to receive payment for the debt owed to them by the buyer. However, if the seller has a claim against the buyer for damages caused by the buyer's negligence, this would not be considered an account under the law.

accord and satisfaction | account debtor

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glovediedthisishismom
13:24
thats definetly horsey on an alt
glovediedthisishismom
13:24
no way any professor did that
13:25
thrifted a vintage burberry suit today and feeling unstoppable
Dkk
13:26
Nice
glovediedthisishismom
13:26
im in the field like a defensive lineman im always in saks 💯
1a2b3c4d26z
13:26
That's awesome
1a2b3c4d26z
13:26
real ones shop at bergdorf
13:28
real ones shop at YMH
triplethread
13:28
i missed another fordham wave
triplethread
13:28
mamas getting denied
JumpySubsequentDolphin
13:29
the bergdorf on 5th Ave in NYC is so
JumpySubsequentDolphin
13:29
it feels like home
Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
13:30
im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
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