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LSDefine

Simple English definitions for legal terms

accounting for profits

Read a random definition: usufructuary

A quick definition of accounting for profits:

Accounting for profits is a legal action taken against someone who has breached a fiduciary relationship and taken profits that belong to someone else. It is a way to recover the money that was wrongfully taken. This is done by tracing the profits back to their source and returning them to the rightful owner. It is similar to a constructive trust, but even if tracing fails, the owner can still recover the profits that were taken.

A more thorough explanation:

Definition: Accounting for profits is a legal action taken against a person who has breached their fiduciary duty to recover any profits they have gained from that breach. It is a remedy based on avoiding unjust enrichment.

For example, if a financial advisor invests their client's money in a company they know will fail, and then profits from that failure, the client can take legal action to recover those profits.

Another example would be if a trustee of a trust uses the trust's assets for their own personal gain, the beneficiaries of the trust can take legal action to recover any profits gained from that breach of fiduciary duty.

These examples illustrate how accounting for profits is a way to hold those in positions of trust accountable for their actions and prevent them from profiting from their wrongdoing.

accounting for fruits | accounting method

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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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