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Account in United Kingdom

Definition of Account

In accordance with the work A Dictionary of Law, this is a description of Account :

A right at common law and later (more importantly) in equity, requiring one party to a relationship (e.g. a partnership) to account to the other or others for moneys received or due. An account may be:

  • open or current, where a balance has not been agreed or accepted by all parties;
  • stated, where a balance has been accepted as correct by all parties; or
  • settled, where a balance has been accepted and discharged.

Account on the Stock Exchange

On the stock exchange there are settlements, bimonthly in general securities, and monthly in British consols and India Government sterling stocks. The account begins after one settlement and ends at the date of the next. Transactions are said to be “for the account,” and prices are quoted for the account, to distinguish these transactions from bargains done “for cash,” meaning for ready money. Practically, all the speculation that goes on in the stock exchange is done by buying or selling “for the account” (see CARRYING OVER in bankruptcy)[1]

Resources

Notes

  1. Robert Harry Inglis, Sir, Dictionary of Political Economy, Vol. 1, 1915

See Also

Further Reading



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(2015, 01). Account lawi.org.uk Retrieved 09, 2021, from https://lawi.org.uk/account/

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"Account" lawi.org.uk. 01, 2015. Accesed 09 2021. https://lawi.org.uk/account/

Agostino Von Hassell, 'Account' (lawi.org.uk 2015) <https://lawi.org.uk/account/> accesed 2021 September 22

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Schema Summary

  • Article Name: Account
  • Author: Agostino Von Hassell
  • Description: Definition of Account In accordance with the work A Dictionary of Law, this is a description of Account : A right at common [...]

This entry was last updated: September 5, 2017

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