Account of profits
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An account of profits (sometimes referred to as an accounting for profits or simply an accounting) is a type of equitable remedy most commonly used in cases of breach of fiduciary duty.[1] It is an action taken against a defendant to recover the profits taken as a result of the breach of duty, in order to prevent unjust enrichment.
Historically an account was not an equitable remedy, but was an action at common law, and is therefore technically an instrument of law, though it arose at a time before the distinction between law and eqiuty was marked. [2]
Co-owners in concurrent estates also have the right to an accounting of profits, in order to properly apportion income from the use or leasing of the property.
[edit] See also
[edit] References
- ^ Black's Law Dictionary, 7th ed. 1999
- ^ National Trust Co. v. H & R Block Canada Inc., 2003 SCC 66.
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