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Closed Account |
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A detailed statement of the mutual debit and credit demands between parties to which no further changes can be made on either side. A closed account is distinguishable from an account stated, which remains open for the purposes of adjustment and set-off. |
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Unit Eight discusses the need for continuous review of actual versus planned execution and defines expired and closed account and the restrictions governing each. ``I've never seen such a change in a person where money is concerned,'' my financial guru marveled months later as I presented him with the evidence of paid-off credit card after paid-off credit card - 12 total - and closed account after closed account. So they know if you're trying to write a check on a closed account. |
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Closed Account
