Legal Term: BALANCE

Definition: com. law. The amount which remains due by one of two persons, who have been dealing together, to the other, after the settlement of their accounts.

2. In the case of mutual debts, the balance only can be recovered by the assignee of an insolvent, or the executor of a deceased person. But this mutuality must have existed at the time of the assignment by the insolvent, or at the death of the testator.

3. The term general balance is sometimes used to signify the difference which is due to a party claiming a lien on goods in his hands, for work or labor done, or money expended in relation to those and other goods of the debtor. 3 B. & P. 485, 3 Esp. R. 268.

Return to the Legalnut.com Law Dictionary