Legal Definitions - long account

A long account refers to a detailed and often extensive record of financial transactions, including debits, credits, and other financial dealings, between two or more parties. The term emphasizes the complexity, numerous entries, or significant duration of these financial records. In legal proceedings, a "long account" can be so intricate and involve so many individual items that a court might decide it is impractical for a jury to review and understand thoroughly. Instead, the court might appoint a special master or referee to examine the account and report findings back to the court.

• Example 1: Business Partnership Dissolution

  Imagine two business partners who are dissolving their company after 15 years. Their partnership agreement requires a full accounting of all assets, liabilities, income, and expenses over the entire period. This involves reviewing thousands of invoices, bank statements, payroll records, and investment documents. When they cannot agree on the final distribution of assets and take the matter to court, the judge might refer to this extensive financial history as a "long account" and appoint an independent accountant to audit all the transactions and provide an impartial report, rather than asking a jury to sift through boxes of financial records.

  This illustrates a long account because it involves a vast number of financial entries accumulated over many years, making it too complex for a typical jury to efficiently analyze in a courtroom setting.

• Example 2: Estate Administration Dispute

  Consider a situation where the executor of a large estate, which includes multiple properties, investment portfolios, and various debts, has been managing the deceased's finances for five years before the estate can be fully settled. One of the beneficiaries challenges the executor's management, claiming mismanagement of funds and improper distributions. The court must then examine every transaction made by the executor, including property sales, investment trades, bill payments, and distributions to beneficiaries. This comprehensive financial history, spanning many years and involving numerous distinct transactions, would be considered a "long account."

  This demonstrates a long account due to the extensive number of financial actions taken over a prolonged period by the executor, requiring detailed scrutiny of each individual transaction.

• Example 3: Complex Construction Project Litigation

  A property owner sues a construction company for cost overruns and delays on a multi-phase commercial building project that took three years to complete. The lawsuit involves disputes over hundreds of change orders, progress payments, material costs, subcontractor invoices, and penalty clauses. Each party presents detailed financial records to support their claims. The judge, recognizing the sheer volume and intricate nature of these financial documents and the need to reconcile numerous debits and credits from both sides, might declare this a case involving a "long account" and appoint a construction finance expert to review all the financial documentation and provide an objective assessment to the court.

  This exemplifies a long account because the dispute hinges on a multitude of individual financial transactions and adjustments made throughout a lengthy project, making it difficult for a layperson to untangle without specialized assistance.