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Mr. Bad Fumbla
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LSDefine
Simple English definitions for legal terms
partial account
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A quick definition of partial account:
A partial account is a preliminary report of a person's financial dealings with an estate or business. It's like a rough draft that shows what money came in and what money went out. This helps the executor or administrator keep track of things before making a final report. It's important to be accountable for your actions and to keep accurate records of your financial transactions.A more thorough explanation:
A partial account is a preliminary accounting of an executor's or administrator's dealings with an estate. It is a 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, when someone dies, their executor or administrator must manage their estate. They must collect the assets, pay the debts, and distribute the remaining property to the heirs. A partial account is a report of the executor's progress in this process. It shows what assets have been collected, what debts have been paid, and what property remains to be distributed.
Another example is when a contractor files an action for account against a nonpaying customer. The contractor can use a partial account to show what work has been done, what materials have been provided, and what payments have been received. This can help the contractor prove that the customer owes them money.