- An open account. An account without break or interruption by settlement or adjustment. Riffith v Portlock, 233 Iowa 492, 7 NW2d 199. An account of running or current dealings between the parties kept unclosed with the expectation of the addition of further transactions. Connor Livestock Co. v Fisher, 32 Ariz 80, 255 P 996, 57 ALR 196. An organized statement of purchases of goods at intervals or other transactions with the credits for payments at intervals set out. Harper v Barton, 2 La App 317. When all the items in the account relate to one continuous transaction between the same parties, although the goods were delivered on separate orders, and at different dates, within short intervals of each other, and the dealings of the parties indicate an expectation to continue such business relations, the transactions constitute a continuous running account. William M. Graham Oil & Gas Co. v Oil Well Supply Co. 128 Okla 201, 244 P 591.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
running account — index ledger Burton s Legal Thesaurus. William C. Burton. 2006 … Law dictionary
running account — An open unsettled account, as distinguished from a stated and liquidated Running accounts mean mutual accounts and reciprocal demands between the parties, which accounts and demands remain open and unsettled. See also charge account revolving… … Black's law dictionary
running account — /rʌnɪŋ əˈkaʊnt/ (say runing uh kawnt) noun an account kept with a shop, business, etc., so that goods can be supplied as needed, the total debt being paid at agreed intervals … Australian English dictionary
running account — noun : current account 1 … Useful english dictionary
running account credit — a facility under a personal credit agreement whereby the debtor is enabled to receive from time to time (whether in his own person or by another person) from the creditor or a third party cash, goods and services (or any of them) to an amount in… … Law dictionary
running-account credit — A personal credit agreement that enables a person to receive loans from time to time from a bank or other lender provided that a specified credit limit is not exceeded. Interest is charged on the amount loaned during any period … Big dictionary of business and management
running account credit — Fin an overdraft facility, credit card, or similar system that allows customers to borrow up to a specific limit and reborrow sums previously repaid by either writing a check or using their card … The ultimate business dictionary
open running account — An account based upon a connected series of transactions, without break or interruption. Riffith v Portlock, 233 Iowa 492, 7 NW2d 199. See open account; running account … Ballentine's law dictionary
running — [run′iŋ] n. 1. the act of a person or thing that runs (in various senses); racing, managing, proceeding, etc. 2. the condition of a track with reference to its use in a race 3. a) that which runs, or flows b) the amount or quantity that runs adj … English World dictionary
running — n. & adj. n. 1 the action of runners in a race etc. 2 the way a race etc. proceeds. adj. 1 continuing on an essentially continuous basis though changing in detail (a running battle). 2 consecutive; one after another (three days running). 3 done… … Useful english dictionary