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Legal Terms - Account
An account is a legal remedy, both in common law and equity, that requires one party in a partnership, such as a partner or trustee, to provide a detailed report of the money they have received or are owed to the other party or parties involved. It can be pursued as an additional remedy with a claim for another remedy, such as damages, or as a separate and independent remedy. An order to account serves two purposes: firstly, it quantifies the amount of profit or loss being pursued; secondly, it imposes duty to make payment. An order to account may be issued when a fiduciary obtains unauthorized earnings or accepts a bribe.
Cases: Boardman v Phipps [1967] 2 AC 46 (House of Lords); Attorney General for Hong Kong v Reid [1994] 1 AC 324 (Privy Council).
An account is a legal remedy, both in common law and equity, that requires one party in a partnership, such as a partner or trustee, to provide a detailed report of the money they have received or are owed to the other party or parties involved. It can be pursued as an additional remedy with a claim for another remedy, such as damages, or as a separate and independent remedy. An order to account serves two purposes: firstly, it quantifies the amount of profit or loss being pursued; secondly, it imposes duty to make payment. An order to account may be issued when a fiduciary obtains unauthorized earnings or accepts a bribe.
Cases: Boardman v Phipps [1967] 2 AC 46 (House of Lords); Attorney General for Hong Kong v Reid [1994] 1 AC 324 (Privy Council).
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