Account Settled - Law Dictionary Search Results
Home Dictionary Name: account settledAccount, settled
Account, settled, An account with a paid balance....
settle
settle set·tled set·tling vt 1 : to resolve conclusively [ a question of law] 2 : to establish or secure permanently [a settled legal principle] 3 : close [ the sale of securities] [ the estate] 4 : to resolve a disagreement about (a court order) [no hearing to consider these objections and to the order had been conducted "Saba v. Gray, 314 N.W.2d 597 (1981)"] 5 a : to fix (a price) by mutual agreement b : to conclude (a lawsuit) by entering into an agreement negotiated by the parties usually out of court c : to close (as an account) by payment ;also : to close by compromise and payment of less than the full amount claimed or due vi 1 : to conclude a lawsuit by entering into an agreement [the plaintiff chose to out of court] 2 : to make a settlement of a transfer of funds 3 : to adjust differences or accounts [settled with his creditors] ...
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
Live account
Live account, means an account that is not settled, Sydicate Bank v. Channaveerappa Beleri, AIR 2006 SC 1874: 2006 (4) JT 579: 2006 (4) SCALE 368: 2006 (5) Supreme 115: 2006 (3) SLT 518: 2006 (5) SCJ 556: 2006 (5) SCJD 502: 2006 (6) SRJ 128: 2006 (131) Camp Cas 303....
Settled land
Settled land. For the purposes of the (English) Settled Land Acts, 1882-1890, 'settled land' meant land, and any estate and interest therein, which was the subject of a settlement; and 'settlement' meant any instrument, or any number of instruments, under which any land, or any estate or interest in land, 'stands for the time being limited to or in trust for any persons by way of succession' (Settled Land Act, 1882, s. 2) (see infra for the statutory definitions in the Settled Land Act, 1925, which has repealed the S.L. Acts, 1882-1890). Where the settlement consists of more instruments than one it is commonly called a 'compound settlement,' though this term is not defined in the Acts themselves; as to compound settlements, see Re Du Cane & Nettlefold, (1898) 2 Ch 96; Re Munday & Roper, (1899) 1Ch 275; Re Lord Wimborne & Browne (1904) 1 Ch 537; Wolstenholme & Cherry, Conveyancing, etc., Acts.Prior to 1856 settled estates could not be sold or leased except under the authority of some po...
Account stated
Account stated, An account stated is the admission of a balance due from one party to another, and that balance being due there is a debt; the statement of the account and the admission of the balance implies a promise in law to pay it; see Irving v. Veitch, (1837) 3 M&W 106. The account must have been stated before action brought. An account stated, however, creates only a prima facie liability, which may be rebutted by disputing the debts charged in the account, as, for instance, by proving mistake (among other ordinary defences); Camillo Tank Steamship Co. v. Alexandria Engineering Works, (1921) 38 TLR 134. For statutory power to re-open an account stated, see MONEY LENDERS ACT. By the Infants Relief Act, 1874 (37 & 38 Vict. c. 62), s. 1, an account stated with an infant is void.The expression 'account stated' has more than one meaning. It sometimes means a claim to payment made by one party and admitted by the other to be correct. There is, however, a second kind of account stated ...
Accountant or Accomptant
Accountant or Accomptant, one whose business it is to compute, adjust, and range in due order accounts; also to audit accounts. The Institute of Chartered Accountants in England and Wales was incorporated by Royal Charter, May 11th, 1880. No person is entitled to describe himself as a chartered accountant unless he is a member of an Institute of Accountants incorporated in the United Kingdom by Royal Charter; see Society of Accountants in Edinburgh v. Corporation of Accountants Ltd. (1893) 20 R 750; Society of Accountants and Auditors v. Goodway, (1907) 1 Ch 489....
Book of account
Book of account, It involves either addition or subtraction or both of these operations of arithmetic. A book which contains successive entries of items may be a good memorandum book; but until those entries are totalled or balanced, or both, as the case may be, there is no reckoning and no account. In the making of totals and striking of balances from time to time lies the chief safeguard under which books of account have been distinguished from other private records as capable of containing substantive evidence on which reliance may be placed', CBI v. V.C. Shukla, (1998) 3 SCC 410: AIR 1998 SC 1406: 1998 Cr LJ 1905 (SC).-All companies registered under the (English) Companies Act,1929, are by s. 122 obliged to keep books of account of (a) all receipts and expenses with matters relating thereto; (b) all sales and purchases; and (c) the assets and liabilities of the company: these books are to be open to inspection by the directors-heavy penalties for non-compliance are imposed. The aud...
Accounts, falsification of
Accounts, falsification of, a misdemeanour on the part of a clerk, etc., by the (English) Falsification of Accounts Act, 1875 (38 & 39 Vict. C. 24), punishable by penal servitude up to seven years or imprisonment, with or without hard labour, up to two years, see R. v. Oliphant, 1905 (2) KB 67. The document or account mentioned in s. 1 of that Act must belong to or be in possession of the employer, R. v. Palin, 1906 (1) KB 7. Falsification of accounts may amount to forgery within the (English) Forgery Act, 1913 (3 & 4 Geo. 5, c. 27) [Re Arton, 1896 (1) QB 509]. The falsification of a mechanical means of recording an account, e.g., a taxi-meter, and thereby defrauding the employer, is within the Act, R. v. Solomons, (1909) 2 KB 980. As to officers of companies and bodies corporate keeping fradulent accounts, etc., see (English) Larceny Act, 1861 (24 & 25 Vict. C. 96), ss. 82-84, and (English) Larceny Act, 1916 (6 & 7 Geo. 5, c. 50), s. 20; in the case of a company being wound up. (Engli...
Mutual account
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....
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