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LSDefine

Simple English definitions for legal terms

account

Read a random definition: positive duty

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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