Also known as: accompt · accountability · accountable · accountant · accounting · accountings · accounts
Written by attorneys · grounded in primary & secondary sources — see below
3 senses
A right to payment for property that has been or is to be sold or leased, services rendered or to be rendered, insurance policies issued, energy provided, or other enumerated items such as lottery winnings or credit card use. The right must not be evidenced by chattel paper or an instrument.
A right to payment for property that has been or is to be sold or leased, services rendered or to be rendered, insurance policies issued, energy provided, or other enumerated items such as lottery winnings or credit card use. The right must not be evidenced by chattel paper or an instrument.
Seller Samuel Soto assigned to Lender Lisa Lane his right to payment from Buyer Barbara Bell for goods already delivered. The assignment transferred an account under commercial law because the right was not evidenced by chattel paper or an instrument.
A separate bank account maintained by a lawyer to hold funds or property belonging to clients or third persons, kept distinct from the lawyer's own funds and subject to strict record-keeping and delivery obligations.
Attorney Ava Adebayo deposited a client's settlement check into her personal operating account rather than a separate trust account. The commingling violated the duty to hold client property separate from the lawyer's own funds.
The duty of an agent, partner, or member to report and hold as trustee for the principal or entity any property, profit, or benefit derived from the relationship or transaction.
Alfred Ashford directed an innocent delivery driver to transport stolen goods without the driver's knowledge of the theft. Ashford is guilty of the offense because he is legally accountable for the conduct of the person acting on his behalf.
Principal Antonio Alvarado told agent Adam Anderson he could negotiate sales contracts on his account. Anderson consented and began signing agreements in that capacity, creating an agency relation under the manifestation and consent test.
A separate bank account maintained by a lawyer to hold funds or property belonging to clients or third persons, kept distinct from the lawyer's own funds and subject to strict record-keeping and delivery obligations.
The duty of an agent, partner, or member to report and hold as trustee for the principal or entity any property, profit, or benefit derived from the relationship or transaction.
Each sense below has its own examples, sources, and questions.
An account under UCC Article 9 is a right to payment for goods, services, or other listed items and is not evidenced by an instrument or chattel paper. A deposit account is a bank account maintained with a bank and is excluded from the definition of account.
The lawyer must promptly notify the client or third person, deposit the funds into a separate trust account, and deliver any funds the client is entitled to receive. Complete records must be kept for five years after the representation ends.
A nonprofit religious organization limited rental of its dwellings to members of its own faith. The limitation was permissible because it did not restrict membership on account of race, color, or national origin.
Member Albert Allen of Aether Technologies used company resources to secure a personal contract. He must account to the company and hold as trustee any profit or benefit derived from the transaction.
An agency relation exists only if the principal manifests to the agent that the agent may act on the principal's account and the agent consents to do so. Both manifestation and consent are required.
A member must account to the company and hold as trustee any property, profit, or benefit derived by the member in connection with the company's business or from use of company property.
…wife, plaintiff Helen Henningsen, was injured while driving it and instituted suit against both defendants to recover damages on account of her injuries. Her husband joined in the action seeking compensation for his consequential losses. The complaint was predicated upon breach of express and implied warranties and upon…