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 or her, he or she 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.