account
Generally, an account is a record, history, or report of something.
- A witness account is a witness’s report of what they perceived.
- A financial account is a financial ledger that keeps a record of payments made into and out of it, often held by a financial institution on behalf of a person or organization.
- A client account is an established arrangement between two entities that do business together, or a business’s file of information about a prospective client it may do business with in the future.
- An online account is a person’s key to personal ( i.e., tracked) website access, usually accessed with an account number, username, or email, in combination with a password.
In the context of secured transactions , account is defined under Article 9 of the Uniform Commercial Code as a right to payment of a monetary obligation .
- Not included: (1) letters of credit , (2) commercial tort claims , (3) deposit accounts , (4) investment property , (5) chattel paper , or (6) rights to payment for money or funds that have been advanced or sold.
See e.g. , Securities Investor Protection Corp. v. Bernard Investment Securities 513 B.R. 437 (2014) .
[Last reviewed in October of 2024 by the Wex Definitions Team ]
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