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BALANCE, 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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
For the 1970s and 1980s, the studies indicate that some countries experienced slow growth with a balance-of-payments deficit, while others experienced the same with a balance-of-payments surplus.
Aghevli and Khan (1977) have tested the monetary approach to a balance-of-payments model for 39 LDCs and, drawing their highly significant results on a cross-section basis, they maintain that the mechanism underlying the monetary approach to the balance-of-payments theory holds equally strongly for both the developed and less developed countries.
Whereas the war in Southeast Asia in the 1960s forced it to sustain military power by parting with monetary power in an epoch when this was measured in gold, the balance-of-payments constraint has now been removed, enabling the United States to run a trade-and-payments deficit some fifty times higher than the annual $10 million level that caused crisis conditions back in 1971.
Brazil also had a balance-of-payments financing gap caused largely by difficulties in rolling over a short-term debt that was greater than what would have been prudent.