Accounting, Action For

Refers to an action, usually brought in equity, to secure a formal statement of account from one partner to others in order to obtain a judicial determination of the rights of the parties in a shared asset. If one partner feels another has been diverting funds or otherwise cheating him, he may bring an action for an accounting and ask for the appointment of a temporary receiver. Sometimes an equity judge will appoint a master to perform the accounting. 1 Am. Jur. 2d, Accounting §44.