running account

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. . 1998.

Look at other dictionaries:

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  • 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

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