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Lehman’s (East
In this action plaintiff company alleges that defendant company, which was a shareholder in plaintiff company, failed to account in the balance sheet for discounts which it received while acting as agents for plaintiff. In an application for dismissal of the suit prior to trial, defendant argued that the balance sheets constituted settled accounts between the parties and that plaintiff could not ask that they be reopened.
Ruled; (1) Not every balance sheet amounts to an account stated, and each case must be decided upon its particular facts. (2) In the facts of this case, the balance sheet was an account stated. (3) Although it is a general basic proposition that settled accounts are final, the Court has equitable power to depart from this rule in instances where accounts are drawn up under a common mistake or where fraud has operated with respect to principal, agent, trustee or beneficiary. Such matters are raised by the pleadings in the present case. Defendant’s application for dismissal rejected.
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%20(1).png&description=Lehman’s (East Africa) Ltd. V. R. Lehman &Company Ltd., Civ. Case 92-D-64, -/2/68, Hamlyn J.){kind=link}
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