Mutual Credits in United States
Mutual Credits Definition
Credits given by two persons mutually, i. e., each giving credit to the other. It is a more extensive phrase than “mutual debts.” Thus, the sum credited by one may be due at once; that by the other payable in futuro; yet the credits are mutual, though the transaction would not come within the meaning of mutual debts. 1 Atk. 230 ; 7 Term R. 378. And it is not necessary that there should be intent to trust each other. Thus, where an acceptance of A. came into the hands of B. who bought goods of A., not knowing the acceptance to be in B.’s hands, it was held a mutual credit. 3 Term R. 507, note; 4 Term R. 211; 3 Ves. 65; 8 Taunt. 156, 499; 1 Holt, 408; 2 Smith, Lead. Cas. 179; 26 Barb. (N. Y.) 310; 4 Gray (Mass.) 284.
Mutual Credits in Foreign Legal Encyclopedias
| Link | Description |
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| Mutual Credits | Mutual Credits in the World Legal Encyclopedia. |
| Mutual Credits | Mutual Credits in the European Legal Encyclopedia. |
| Mutual Credits | Mutual Credits in the Asian Legal Encyclopedia. |
| Mutual Credits | Mutual Credits in the UK Legal Encyclopedia. |
| Mutual Credits | Mutual Credits in the Australian Legal Encyclopedia. |
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Browse the American Encyclopedia of Law for Mutual Credits
Scan Mutual Credits in the appropriate area of law:
| Link | Description |
|---|---|
| Mutual Credits | Mutual Credits in the Family Law Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the IP Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Commercial Law Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Criminal Law Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Antritrust Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Bankruptcy Law Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Constitutional Law Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Tax Law Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the and Finance and Banking Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Employment and Labor Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Personal Injury and Tort Portal of the American Encyclopedia of Law. |
| Mutual Credits | Mutual Credits in the Environmental Law Portal of the American Encyclopedia of Law. |
Explore other Reference Works
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| Mutual Credits in the Dictionaries | Mutual Credits in our legal dictionaries |
| http://lawi.us/mutual-credits | The URI of Mutual Credits (more about URIs) |
| Mutual Credits related entries | Find related entries of Mutual Credits |
Legal Issue for Attorneys
Credits given by two persons mutually, i. e., each giving credit to the other. It is a more extensive phrase than “mutual debts.” Thus, the sum credited by one may be due at once; that by the other payable in futuro; yet the credits are mutual, though the transaction would not come within the meaning of mutual debts. 1 Atk. 230 ; 7 Term R. 378. And it is not necessary that there should be intent to trust each other. Thus, where an acceptance of A. came into the hands of B. who bought goods of A., not knowing the acceptance to be in B.’s hands, it was held a mutual credit. 3 Term R. 507, note; 4 Term R. 211; 3 Ves. 65; 8 Taunt. 156, 499; 1 Holt, 408; 2 Smith, Lead. Cas. 179; 26 Barb. (N. Y.) 310; 4 Gray (Mass.) 284.
Notice
This definition of Mutual Credits is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.