USAExcept as used in "account for", defined in the UCC as a right to payment of a monetary obligation, whether or not earned by performance:• For property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of.• For services rendered or to be rendered.• For a policy of insurance issued or to be issued.• For a secondary obligation incurred or to be incurred.• For energy provided or to be provided.• For the use or hire of a vessel under a charter or other contract.• Arising out of the use of a credit or charge card or information contained on or for use with the card.• As winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of a State.The term includes health-care-insurance receivables.The term does not include:• commercial tort claims.• deposit accounts.• letter-of-credit rights or letters of credit,• Rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on for the use with the card (UCC §9-102(a)(2)).An account is an asset type over which an entity can grant a security interest under Article 9 of the UCC.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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