Balance
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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.