merchants' accounts

1 definition found

merchants' accounts - Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  MERCHANTS' ACCOUNTS. In the statute of limitations, 21 Jac. 1. c. 16, there 
  is an exception which has been copied in the acts of the legislatures of a 
  number of the States, that its provisions shall not apply to such accounts 
  as concern trade and merchandise between merchant and merchant, their 
  factors or servants. 
       2. This exception, it has been holden, applies to actions of assumpsit 
  as well as to actions of account. 5 Cranch, 15. But to bring a case within 
  the exception, there must be an account, and that account open and current, 
  and it must concern trade. 12 Pet. 300. See 6 Pet. 151; 5 Mason, R. 505; 
  Bac. Ab. Limitation of Actions, E 3; and article Limitation.