Mutual Account - Definition - Law Dictionary Home Dictionary Definition mutual-account

Definition :

Mutual account, a 'mutual account' means not merely where one of the parties has received money and paid it on account of the other, but where each of the two parties has received and paid on the other's account. Transactions creating obligations on one side, those on the other being merely complete or partial discharges thereof, are not enough to constitute mutual account. The account is not rendered 'mutual' by the mere shifting of the balance on same occasions.