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LSDefine
Simple English definitions for legal terms
liquidated account
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A quick definition of liquidated account:
A liquidated account is a type of account that has a clear and agreed-upon amount of money in it. This means that everyone involved knows exactly how much money is in the account. It is different from an unliquidated account, which has an uncertain amount of money in it. Liquidated accounts are often used in legal cases where one person owes money to another person. They help to make sure that everyone is on the same page about how much money is owed.A more thorough explanation:
Definition: A liquidated account is an account whose assets are clearly ascertained, either by agreement of the parties or by law.
Example: A company and its supplier agree on the price and quantity of goods to be delivered. The supplier delivers the goods and the company pays the agreed-upon amount. This is a liquidated account because the assets (goods and money) are clearly ascertained by agreement.
Explanation: In a liquidated account, there is no uncertainty or dispute about the assets involved. The parties have agreed on the amount and nature of the assets, or the law has determined them. This is in contrast to an unliquidated account, where the amount or nature of the assets is uncertain or disputed. For example, if a company is suing a former employee for damages caused by their negligence, the amount of damages may be unliquidated until a court determines the amount owed.