accounts

accounts
index budget, finance, ledger

Burton's Legal Thesaurus. . 2006


accounts
USA
Except as used in "account for", defined in the UCC as a right to payment of a monetary obligation, whether or not earned by performance:
• For property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of.
• For services rendered or to be rendered.
• For a policy of insurance issued or to be issued.
• For a secondary obligation incurred or to be incurred.
• For energy provided or to be provided.
• For the use or hire of a vessel under a charter or other contract.
• Arising out of the use of a credit or charge card or information contained on or for use with the card.
• As winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of a State.
The term includes health-care-insurance receivables.
The term does not include:
• Rights to payment evidenced by chattel paper or an instrument.
• commercial tort claims.
• deposit accounts.
• letter-of-credit rights or letters of credit,
• Rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on for the use with the card (UCC §9-102(a)(2)).
An account is an asset type over which an entity can grant a security interest under Article 9 of the UCC.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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