DEBIT

Definition of DEBIT in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms.

Definition of DEBIT

A sum charged as due or owing. The term is used in book-keeping to denote the left page of the ledger, or the charging of a person or an account with all that is supplied to or paid out for him or for the subject of the account.

Also, the balance of an account where it is shown that something remains due to the party keeping the account. In industrial insurance nomenclature, a certain identified territory in which a solicitor operates by soliciting new business and taking care, as through collection of the debit accounts, of the company's patrons for insurance theretofore written; such insurance being usually written in small amounts on the weekly payment plan. Jones v. Prudential Ins. Co. of America, 173 Mo.App. 1, 155 S.W. 1106, 1107.

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That's the definition of DEBIT in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms. Courtesy of Cekhukum.com.