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accommodation land See LAND.

accommodation land Land that is bought by a builder or speculator who erects houses or improvements on it and then leases it at an increased rent.

accommodation line Insurance. One or more policies that an insurer issues to retain the business ofa valued agent, broker, or customer, even though the risk would not be accepted under the insurer's usual standards.

accommodation loan See LOAK.

accommodation maker See MAKER.

accommodation note See NOTE (1).

accommodation paper A negotiable instrument that one party cosigns, without receiving any consideration, as surety for another party who remains primarily liable. An accommodation paper is typically used when the cosigner is more creditworthy than the principal debtor. Also termed accommodation bill; accommodation note.

accommodation paper See ACCOMMODATION PAPER.

accommodation party A person who, without recompense or other benefit, signs a negotiable instrument for the purpose of being a surety for another party (called the accommodated party) to the instrument.The accommodation party can sign in any capacity (Le., as maker, drawer, acceptor, or indorser). An accommodation party is liable to all parties except the accommodated party, who impliedly agrees to pay the note or draft and to indemnify the accommodation party for all losses incurred in having to pay it. See SURETY. Cf. ACCOMMODATED PARTY.

accommodation subpoena See friendly subpoena.

accommodation surety See voluntary surety under SURETY.

accommodation surety See voluntary surety.

accommodatum (a-kom-a-day-tam), n. See COMMODATUM.

accompany vb. To go along with (another); to attend. In automobile-accident cases, an unlicensed driver is not considered accompanied by a licensed driver unless the latter is close enough to supervise and help the former.

accomplice (a-kom-plis). 1. A person who is in any way involved with another in the commission of a crime, whether as a principal in the first or second degree or as an accessory. Although the definition includes an accessory before the fact, not all authorities treat this term as including an accessory after the fact. "There is some authority for using the word 'accomplice' to include all principals and all accessories, but the preferred usage is to include all principals and accessories before the fact, but to exclude accessories after the fact. If this limitation is adopted, the word 'accomplice' will embrace all perpetrators, abettors and inciters." Rollin M. Perkins & Ronald N. Boyce, Criminal Law 727 (3d ed. 1982). "A person is an 'accomplice' of another in committing a crime if, with the intent to promote or facilitate the com· mission of the crime. he solicits, requests, or commands the other person to commit it, or aids the other person in planning or committing it." 1 Charles E. Torcia, Wharton'S Criminal Law § 38, at 220 (15th ed. 1993). 2. A person who knowingly, voluntarily, and intentionally unites with the principal offender in committing a crime and thereby becomes punishable for it. See ACCESSORY. Cf. PRINCIPAL (2). "By definition an accomplice must be a person who acts with the purpose of promoting or facilitating the commis· sion of the substantive offense for which he is charged as an accomplice. State v. White, N.J. 1984,484 A.2d 691,98 N.J. 122." Model Penal Code § 2.06 annot. (1997).

accomplice liability See LIABILITY.

accomplice witness See WITNESS.

accompt See ACCOUNT (1).

accord 1. An amicable arrangement between parties, esp. between peoples or nations; COMPACT; TREATY. 2. An offer to give or to accept a stipulated performance in the future to satisfy an obligor's existing duty, together with an acceptance of that offer. The performance becomes what is known as a satisfaction. Also termed executory accord; accord executory. See ACCORD AND SATISFACTION; SATISFACTION. Cf. COMPROMISE; NOVATION. "An accord is a contract under which an obligee promises to accept a stated performance in satisfaction of the obligor's existing duty. Performance of the accord discharges the original duty," Restatement (Second) of Contracts § 281(1) (1979). "The term executory accord is sometimes used to under· score the point that the accord itself does not discharge the duty. It also reflects an historical anachronism, now generally rejected, under which an unperformed accord was not a defense to an action on the underlying duty." E. Allan Farnsworth, Contracts § 4.24, at 289 n.10 (3d ed. 1999). 3. A signal used in a legal citation to introduce a case dearly supporting a proposition for which another case is being quoted directly.

accord- To furnish or grant, esp. what is suitable or proper <accord the litigants a stay of costs pending appeal>. 2. To agree <they accord in their opinions>

accord and satisfaction An agreement to substitute for an existing debt some alternative form of discharging that debt, coupled with the actual discharge of the debt by the substituted performance.The new agreement is called the accord, and the discharge is called the satisfaction. Cf. COMPROMISE; NOVATION; SETTLEMENT (2), (3). "'Accord and satisfaction' means an agreement between the parties that something shall be given to, or done for, the person who has the right of action, in satisfaction of the cause of action. There must be not only agreement ('accord') but also consideration ('satisfaction'). Such an arrangement is really one of substituted performance." 1 EW. Chance, Principles of Mercantile Law 101 (PW. French ed., 13th ed. 1950).

accord executory See ACCORD (2).

accordant (a-kor-dant), adj. In agreement <accordant with these principles>.

accouchement (a-koosh-mant or ak-oosh-mawn). [French] Childbirth.

account 1. ACCOUNTING (3) <the principal filed an action for account against his agent>. - Also spelled (archaically) accompt. "The action of account lies where one has received goods or money for another in a fiduciary capacity, to ascertain and recover the balance due. It can only be maintained where there is such a relationship between the parties, as to raise an obligation to account, and where the amount due is uncertain and unliquidated." Benjamin J. Shipman, Handbook of Common-Law Pleading § 56, at 144 (Henry Winthrop Ballantine ed., 3d ed. 1923). 2. ACCOUNTING (4) <the contractor filed an action for account against the nonpaying customer>. 3. A state ment by which someone seeks to describe or explain an event <Fred's account of the holdup differed sig nificantly from Martha's>. 4. A detailed statement of the debits and credits between parties to a contract or to a fidUciary relationship; a reckoning of monetary dealings <the trustee balanced the account at the end of each month>. In wills and estates, an account is a brief financial statement of the manner in which an executor or administrator has performed the official duties of collecting the estate's assets and paying those who are entitled. An account charges the executor or administrator with the value of the estate as shown by the inventory, plus any increase, and credits the executor with expenses and costs, duly authorized dis bursements, and the executor's commission. - Abbr. acct.; ale. - Also termed accounting. See STATEMENT OF ACCOUNT. 5. A course of business dealings or other relations for which records must be kept <open a bro kerage account>.

account book A journal in which a business's transactions are recorded. See SHOP BOOKS.

account debtor See DEBTOR.

account debtor- A person obligated on an account, chattel paper, or general intangible. The UCC exempts from the definition of account debtor a person obligated to pay a negotiable instrument, even if the instrument constitutes chattel paper. UCC § 9-102(a)(3).

account duty See DUTY (4).

account duty- An inheritance tax payable by a decedent's beneficiary.

account executive See STOCKBROKER.

account for 1.To furnish a good reason or convincing explanation for; to explain the cause of. 2. To render a reckoning of (funds held, esp. in trust). 3. To answer for (conduct).

account in trust An account established by an individual to hold the account's assets in trust for someone else.

account party The customer in a letter-of-credit transations.-Also termed applicant.

account payable (usu. pl.), An account reflecting a balance owed to a creditor; a debt owed by an enterprise in the normal course of business dealing. Often shortened to payable; payables. Also termed note payable. PI. accounts payable.

account receivable (usu. pl.), An account reflecting a balance owed by a debtor; a debt owed by a customer to an enterprise for goods or services. Often shortened to receivable; receivables. Also termed note receivable. PI. accounts receivable.

account render See ACCOUNTING (3).

account rendered An account produced by the creditor and presented for the debtor's examination and acceptance.

account representative See STOCKBROKER.

account settled An account with a paid balance.

account stated 1. A balance that parties to a transaction or settlement agree on, either expressly or by implication .The phrase also refers to the agreement itself or to the assent giving rise to the agreement. "An account stated is a manifestation of assent by debtor and creditor to a stated sum as an accurate computation of an amount due the creditor." Restatement (Second) of Contracts § 282(1) (1979). "If a creditor and a debtor wish to compromise or liqui· date a disputed or unliquidated debt, they may do so by either a substituted contract or an accord. If, however, their agreement is in the nature of a computation, it is called an account stated. An account stated, then, is a manifestation of assent by both parties to the stated sum as an accurate computation of the debt." E. Allan Farnsworth, Contracts § 4.24, at 286 (1982). 2. A plaintiff's claim in a suit for such a balance. 3. Equity practice. A defendant's plea in response to an action for an accounting . The defendant states that the balance due on the statement of the account has been discharged and that the defendant holds the plaintiff's release. - Also termed stated account.

account statement See STATEMENT OF ACCOUNT.

accountable adj. Responsible; answerable <the company was held accountable for the employee'S negligence>. accountability, n.

accountable receipt See RECEIPT.

accountable receipt A receipt in which a person admits that goods or money were delivered to the person and that the person is obliged to deliver all or part of the goods or money to a third person.

accountant 1. A person authorized under applicable law to practice public accounting; a person whose business is to keep books or accounts, to perform financial audits, to design and control accounting systems, and to give tax advice .For some purposes, the term includes a professional accounting association, a corporation, and a partnership, if they are so authorized.

accountant client privilege See PRIVILEGE (3).

accountant of court Scots law. An official of the Court of Session who exercises supervision over the accounts of court-appointed managers and receivers of estates, such as trustees in bankruptcy and guardians of incompetent persons.

accountant-client privilege The protection afforded to a client from an accountant s unauthorized disclosure of materials submitted to or prepared by the accountant. The privilege is not Widely recognized.

accountant's lien See LIEN.

accounting 1. The act or a system ofestablishing or settling financial accounts; esp., the process of recording transactions in the financial records of a business and periodically extracting, sorting, and summarizing the recorded transactions to produce a set of financial records. Also termed financial accounting. Cf. BOOKKEEPING. 2. A rendition of an account, either voluntarily or by court order .The term frequently refers to the report of all items of property, income, and expenses prepared by a personal representative, trustee, or guardian and given to heirs, beneficiaries, or the probate court. See ACCOUNT (4). 3. A legal action to compel a defendant to account for and pay over money owed to the plaintiff but held by the defendant (often the plaintiff's agent); ACCOUNTING FOR PROFITS. Also termed account render; account; action of account. 4. More broadly, an action for the recovery of money for services performed, property sold and delivered, money loaned, or damages for the nonperformance of simple contracts. Such an action is available when the rights of parties will be adequately protected by the payment of money. Also termed action on account; account; action of book debt. 5. Commercial law. An equitable proceeding for a complete settlement of all partnership affairs, usu. in connection with partner misconduct or with a winding up. See WINDING UP. 6. Secured transactions. A record that (1) is authenticated by a secured party, (2) indicates the aggregate unpaid secured obligation as of a date no more than 35 days before or after the date of the record, and (3) identifies the components of the obligations in reasonable detail.UCC § 9-102(a)(2}.

accounting for fruits Civil law.A claim for the return of natural or civil fruits against an adverse possessor or other person obligated by law or contract to account for fruits. See FRUIT (2).

accounting for profits An action for equitable relief against a person in a fiduciary relationship to recover profits taken in a breach of the relationship. Often shortened to accounting. "The term accounting, or accounting for profits, is used in several ways. In its most important meaning, it is a restitutionary remedy based upon avoiding unjust enrichment. In this sense it reaches monies owed by a fiduciary or other wrongdoer, including profits produced by property which in equity and good conscience belonged to the plaintiff. It resembles a constructive trust in that tracing may be used to reach profits. But even if tracing fails, the plaintiff may recover a judgment for the profits due from use of his property." Dan B. Dobbs, Law of Remedies § 4.3(5), at 408 (2d ed. 1993).

accounting method A system for determining income and expenses, profit and loss, asset value, appreciation and depreciation, and the like, esp. for tax purposes.

accounting period A regular span of time used for accounting purposes; esp., a period used by a taxpayer in determining income and related tax liability.

accounting Research Bulletin A publication containing accounting practices recommended by the American Institute of Certified Public Accountants. -Abbr. ARB.

accounting Series Release A bulletin providing the Securities and Exchange Commission's requirements for accounting and auditing procedures to be followed in reports filed with that agency. - Abbr. ASR.

account-in-trust See ACCOUNT.

account-payable See ACCOUNT.

account-receivable See ACCOUNT.

account-rendered See ACCOUNT.

accounts receivable insurance See accounts-receivable insurance and credit insurance under INSURANCE.

account-settled See ACCOUNT.

accounts-receivable insurance 1. Insurance against losses resulting from the insureds inability to collect outstanding accounts receivable because of damage to or destruction of records. 2. See credit insurance.

account-stated See ACCOUNT.

accouple vb. Archaic.To unite; to marry.

accredit (a-kred-it), vb. 1. To give official authorization or status to. 2. To recognize (a school) as having suf ficient academic standards to qualify graduates for higher education or for professional practice. 3. Int'l law. To send (a person) with credentials as an envoy. accreditation (a-kred-i-tay-shan), n. - accredited, adj.

accredited investor See INVESTOR.

accredited investor An investor treated under the Securities Act of 1933 as being knowledgeable and sophisticated about financial matters, esp. because of the investors large net worth. In a securities offering that is exempt from registration, an accredited investor (either a person or an entity) is not entitled to protection under the Acts disclosure provisions, although the investor does keep its remedies for fraud.

accredited law school See LAW SCHOOL.

accredited representative A person with designated authority to act on behalf of another person, group, or organization, usu, by being granted that authority by law or by the rules of the group or organization <as an officer of the union, she was the accredited representative of the employees in the wage dispute>,

accredited representative See REPRESENTATIVE.

accredulitare (a-kred-ya-Ia-tair-ee), vb. [Law Latin] Hist. To purge an offense by an oath.

accresce (a-kres), vb. Civil law. To accrue or increase.

accretion (a-kree-shan). 1. The gradual accumulation of land by natural forces, esp. as alluvium is added to land situated on the bank of a river or on the seashore. Cf. ALLUVION; AVULSION (2); DELlCTION; EROSION. 2. Any increase in trust property other than increases ordinarily considered as income. 3. Civil law. The right of heirs or legatees to unite their shares of the estate with the portion of any coheirs or legatees who do not accept their portion, fail to comply with a condition, or die before the testator. 4. A beneficiary's gain through the failure of a coheir or colegatee to take his or her share. 5. Scots law. The perfection of an imperfect or defective title by some act by the person who conveyed title to the current holder. - accretive, accretionary, adj.

accroach (a-krohch), vb. To exercise power without authority; to usurp. - accroachment (a-krohch-mant), n.

accrocher (a-kroh-shay), vb. [Law French]. 1. ACCROACH. 2. To delay.

accrocher un proces (a-kroh-shay an proh-say). [French] To stay the proceedings in a suit.

accrual accounting method See ACCOUNTING METHOD.

accrual accounting method (a-kroo-al). An accounting method that records entries of debits and credits when the revenue or liability arises, rather than when the income is received or an expense is paid. Also termed accrual basis. Cf. cash-basis accounting method.

accrual basis See accrual accounting method under ACCOUNTING METHOD.

accrual bond See BOND (3).

accrual bond- A bond - usu. the last collateralized-mortgage-obligation issue from which no principal or interestpayment will be made until any bonds issued earlier have been fully paid. Also termed Z-bond.

accrual clause of See CLAUSE OF ACCRUAL.

accrue (a-kroo), vb. 1. To come into existence as an enforceable claim or right; to arise <the plaintiff's cause of action for silicosis did not accrue until the plaintiff knew or had reason to know of the disease>. ''The term 'accrue' in the context of a cause of action means to arrive, to commence, to come into existence, or to become a present enforceable demand or right. The time of accrual of a cause of action is a question of fact." 2 Ann Taylor Schwing, California Affirmative Defenses § 25:3, at 17-18 (2d ed. 1996).

accrued asset See ASSET.

accrued- asset An asset arising from revenues earned but not yet due.

accrued compensation See COMPENSATION.

accrued compensation- Remuneration that has been earned but not yet paid.

accrued depreciation See accumulated depreciation under DEPRECIATION.

accrued dividend See accumulated dividend under DIVIDEND.

accrued expense See EXPENSE.

accrued expense- An expense incurred but not yet paid.

accrued income See INCOME.

accrued income- Money earned but not yet received.

accrued interest See INTEREST (3).

accrued interest Interest that is earned but not yet paid, such as interest that accrues on real estate and that will be paid when the property is sold if, in the meantime, the rental income does not cover the mortgage payments.

accrued liability See LIABILITY.

accrued right See RIGHT.

accrued right A matured right; a right that is ripe for enforcement (as through litigation).