MNTUAL CREDITS
\ˌɛmˈɛntjˈuːə͡l kɹˈɛdɪts], \ˌɛmˈɛntjˈuːəl kɹˈɛdɪts], \ˌɛ_m_ˈɛ_n_t_j_ˈuː_əl k_ɹ_ˈɛ_d_ɪ_t_s]\
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In bankrupt law. Credits which must, from their nature, terminate in debts; as where a debt is due from one party, and credit given by him to the other for a sum of money payable at a future day. and which will then become a debt; or where there is a debt on one side, and a delivery of property with directions to turn it into money on the other. 8 Taunt. 499; 2 Smith. Lead. Cas. 179. By this phrase, in the rule under which courts of equity allow set-off in cases of mutual credit, we are to understand a knowledge on both sides of an existing debt due to one party, and a credit by the other parts', founded on and trusting to such debt, as a means of discharging it. King v. King, 9 ,N. J. Eq. 44. 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 future*; yet the credits are mntual. though the transaction would not come within the meaning of "mutual debts." 1 Atk. 230; Atkinson v. Elliott, 7 Term R. 378
By Henry Campbell Black
Word of the day
Dopamine Acetyltransferase
- An enzyme that catalyzes the of groups from acetyl-CoA to arylamines. They have wide specificity for aromatic amines, particularly serotonin, and can also catalyze acetyl transfer between arylamines without CoA. EC 2.3.1.5.