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Simple English definitions for legal terms
long account
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A quick definition of long account:
An account is a record of money transactions between people or organizations. It can be used to keep track of money owed or paid, and to settle disputes. There are different types of accounts, such as bank accounts, joint accounts, and trust accounts. Some accounts have special rules, like tax-deferred accounts that let you save money without paying taxes until you withdraw it. Being accountable means being responsible for your actions and being able to explain them.A more thorough explanation:
Definition: A detailed statement of the debits and credits between parties to a contract or to a fiduciary relationship; a reckoning of monetary dealings.
Examples:
- An executor filing an annual account of their dealings with an estate.
- A brokerage account that allows an investor to buy or sell securities on credit, with the securities serving as collateral for the broker's loan.
- A bank account opened by two or more people, by which each party has a present right to withdraw all funds in the account and, upon the death of one party, the survivors become the owners of the account, with no right of the deceased party's heirs or devisees to share in it.
These examples illustrate the definition of a long account as a detailed statement of monetary dealings between parties. In the case of an executor filing an annual account, it shows a detailed record of the executor's financial transactions with an estate. In the case of a brokerage account, it shows a detailed record of the investor's financial transactions with the broker. In the case of a joint bank account, it shows a detailed record of the financial transactions between the account holders.