Robert Cormier
account in TRUST. See ACCOUNT....account, n. (14c) 1. ACCOUNTING (3) <the principal filed an action for account against his agent>. - Also spelled (archaically) accompt. [Cases: Account ~1-7] "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 statement by which someone seeks to describe or explain an event <Fred's account of the holdup differed significantly 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 ofcollecting 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 disbursements, 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 brokerage account>. account in trust. An account established by an individual to hold the account's assets in trust for someone else. [Cases: Trusts ~34.]