Cowles v. Mutual Life Insurance Co. of New York

1. “A mutual account is one based on a course of dealing, wherein each party has given credit to the other, on the faith of indebtedness to him.” Gunn v. Gunn, 74 Ga. 555.

2. “In order for such mutuality of account to exist as will arrest the bar of the statute of limitations, each party to the account must extend credit to the other on the faith of an admitted indebtedness [italics ours] on his part which affords the basis of credit to the other party. To bring an account, otherwise barred, within the exception recognized in cases of mutual accounts, it is not enough to show that there are…