Arkansas Acknowledgment by Debtor of Correctness of Account Stated

• Category: Loans and Lending - Creditors
• State: Multi-State
• Control #: US-0163BG
• Format: Word; Rich Text

Description

An account stated is a statement between a creditor and a debtor based upon a series of prior transactions. Hence, an account stated arises when a particular amount is owed to the creditor by the debtor as of a certain date. An account stated refers to either an agreement itself or to the assent giving rise to the agreement. The agreement to pay the balance amount can be either express or implied. When the agreement to pay is in the nature of a computation, then it is called account stated. Arkansas Acknowledgment by Debtor of Correctness of Account Stated is a legal document that serves as proof that the debtor has reviewed and accepted the accuracy of the stated account. This acknowledgment is significant in debt settlement, loan repayments, and financial transactions to ensure transparency and avoid future disputes. In Arkansas, there are two primary types of Acknowledgment by Debtor of Correctness of Account Stated: 1. Voluntary Acknowledgment: This type of acknowledgment is initiated by the debtor willingly and without any external pressure. It signifies that the debtor has thoroughly examined the account statement provided by the creditor and accepts it as correct. This acknowledgment can be used to solidify the debtor's agreement to pay the outstanding balance or to validate the accuracy of financial records. 2. Court-Ordered Acknowledgment: In some cases, a court may order the debtor to acknowledge the correctness of the account stated. This typically occurs when there is a legal dispute or a debt that has been taken to court. The court may require the debtor to signify their acceptance of the account statement's accuracy under oath or in the presence of a legal authority. Keywords: Arkansas, Acknowledgment by Debtor, Correctness of Account Stated, legal document, debt settlement, loan repayments, financial transactions, transparency, disputes, Voluntary Acknowledgment, Court-Ordered Acknowledgment, debtor, creditor, outstanding balance, financial records, court order, legal dispute, under oath, legal authority.

Arkansas Acknowledgment by Debtor of Correctness of Account Stated is a legal document that serves as proof that the debtor has reviewed and accepted the accuracy of the stated account. This acknowledgment is significant in debt settlement, loan repayments, and financial transactions to ensure transparency and avoid future disputes. In Arkansas, there are two primary types of Acknowledgment by Debtor of Correctness of Account Stated: 1. Voluntary Acknowledgment: This type of acknowledgment is initiated by the debtor willingly and without any external pressure. It signifies that the debtor has thoroughly examined the account statement provided by the creditor and accepts it as correct. This acknowledgment can be used to solidify the debtor's agreement to pay the outstanding balance or to validate the accuracy of financial records. 2. Court-Ordered Acknowledgment: In some cases, a court may order the debtor to acknowledge the correctness of the account stated. This typically occurs when there is a legal dispute or a debt that has been taken to court. The court may require the debtor to signify their acceptance of the account statement's accuracy under oath or in the presence of a legal authority. Keywords: Arkansas, Acknowledgment by Debtor, Correctness of Account Stated, legal document, debt settlement, loan repayments, financial transactions, transparency, disputes, Voluntary Acknowledgment, Court-Ordered Acknowledgment, debtor, creditor, outstanding balance, financial records, court order, legal dispute, under oath, legal authority.