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LSDefine

Simple English definitions for legal terms

intermediate account

Read a random definition: Clerk of Nichils

A quick definition of intermediate account:

An account is a record of money transactions between people or organizations. It can be used to keep track of money owed or money received. There are different types of accounts, such as bank accounts, joint accounts, and trust accounts. An intermediate account is a yearly report filed by an executor, administrator, or guardian. A pay-on-death account is a bank account that gives the beneficiary access to the funds after the owner's death. A tax-deferred account is an interest-bearing account whose earnings are not taxed until they are withdrawn. Being accountable means being responsible and answerable for one's actions.

A more thorough explanation:

An intermediate account is a type of account filed by an executor, administrator, or guardian after the initial account and before the final account. This account is usually filed annually and is also known as an annual account. It is a detailed statement of the debits and credits between parties to a contract or to a fiduciary relationship. It is a reckoning of monetary dealings.

For example, in wills and estates, an account is a brief financial statement of the manner in which an executor or administrator has performed the official duties of collecting the estate's assets and paying those who are entitled. An account charges the executor or administrator with the value of the estate as shown by the inventory, plus any increase, and credits the executor with expenses and costs, duly authorized disbursements, and the executor's commission.

Another example is a mutual account, which shows mutual transactions between parties, as by showing debits and credits on both sides of the account. Each party to a mutual account occupies both a debtor and creditor relation with regard to the other party. A mutual account arises where there are mutual dealings, and the account is allowed to run with a view to an ultimate adjustment of the balance.

intermediary bank | intermediate casing

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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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