Assets

* Property sufficient to answer a demand — made by a creditor or a legatee upon an executor or administrator, or by a creditor upon an insolvent or a bankrupt. Also, all the property of the estate of a deqedent or of an insolvent. "All the assets" of an insolvent company, of which a receiver takes possession in New York, means all the property, real and personal, of the company.* The property of a deceased person appropriable to the payment of his debts; also, the entire property of a mercantile firm or trading corporation.* Whatever is recovered that is of a salable nature and may be converted intoready money is called " assets " in the hands of the executor or administrator; that is "sufficient" or "enough" (French assez) to make him chargeable to a creditor or legatee, as far as such goods and chattels extend.'' Originally, that which is sufficient or > Roosevelt Hospital v. Mayor of New York, 84 N. Y. 112-13 (1881), cases, Earle, J.; Palmer v. Stumph, 29 Ind. 333-36 (1868), cases; Chamberlain v. Cleveland, 34 Ohio St. 661-65 (1878), cases; Stephani v. Bishop of Chicago, 2 Bradw. 252-53 (1878); 1 Handy, 473; 3 Col. 462; 6 id.

113; 1 Wash. T. 676; Cooley, Tax. 147. = [Spangler v. Indiana, &c. R; Co., 21 ni. 278 (1859), Breese, J. 'Territory v. Romine, 2 N. M. 128(1881); ib. 467. * F. assez, sut Scient: L. ad, to, for; satis, enough. 'Attorney-General t).

Atlantic Mut. Life Ins. Co., 100 N. Y. 283 (1885). enough in the hands of the executor or administrator to malie him chargeable to the creditors, legatees, and distributees of the deceased, so far as the personal property of the deceased, which comes to the hands of the executor or administrator, extends for purposes of administration. In an accurate legal sense, all the personal property of the deceased which is of a salable nature and may be converted into money is deemed assets. But the word is not confined to such property; for all other property of the deceased which is chargeable with, and applicable to, his debts or legacies is, in a large sense, assets, i Though generally used to denote things which come to the representatives of a deceased person, the word includes anything, whether belonging to the estate of a deceased person or not, which can be made available for the payment of debts. Hence we speak of the assets of a money corporation, of an insolvent debtor, of an individual, of a private partnership. The word is likewise used for the " means " which a party has ascompared with liis liabilities.'* In the bankrupt law " assets " included all property chargeable with the" debts of the bankrupt that came into the hands or imder the control of the assignee.

Ii Ogal assets

That portion of the assets of a deceased party which by law is directly liable in the hands of his executor or administrator to the payment of debts and legacies. <3enerally speaking they are such as can be reached by a suit at law against the executor or administrator, either by a common judgment or by a judgment upon a devastavit. More accurately speaking they are such as come into the hands and power of an executor or administrator, or such as, virtute officii, he is intrusted with by law to dispose of in the course of administration, — whatever he takies as executor or administrator, or in respect to his office.

Equitable assets

All assets, chargeable with the payment ofdebts or legacies in equity, and which do not fall under the description of legal assets. Termed " equitable " because (1) to obtain paymentout of them they can be reached only through the instrumentality of a court of equity, and (2) the rules of distribution by which they are governed differ from the rules for the distribution of legal assets. In general they are either created such by the intent of the party or result from the nature of the estate madechargeable.* 1 [1 Story, Eq. § 531. s [Stanton v. Lewis, 36 Conn. 449 (1857); Hall v. Martin, 46 N. H. 342 (1865). 3ifTaggert, 16 Bankr. Eeg. 353 (1877). The property of a decedent available at common law for satisfying creditors is called "iegal assets," and will be applied, at common law and in equity, in the ordinary course of administration, which gives debts of a certain nature priority over others. Where, however, the assets are available only in a court of equity they are termed " equitable assets," and, according to the maxim, that equality is equity, will, after satisfying those who have liens upon any specific property, be distributed among the creditors of all grades pari possit, without regard to legal priority.' "Equitable assets "are such as the debtor has made subject to his debts generally, which would not be thus subjected without his act, and which can be reached only by a court of equity. They are divisible among the creditors in ratable proportions.

Personal assets

Assets to which the executor or administrator is entitled; personalty.

Beal assets

Such assets as go to the heir by descent; assets by descent; ' also, landed property. " Personal assets " are chattels, money, and evidences of debt available for paying the debts of a bankrupt, insolvent, or decedent. "Real assets" are such portion of the property of any such individual as consists of realty. Assets ai-e also immediate and future.* At common law (originally for feudal reasons) lands in the hands of the debtor himself were not assets for the payment of debts; creditors could reach only the personalty and the profits of realty. Upon the death of the debtor, in case of intestacy, the land descended to the heir and the personalty to the executor. A creditor by a simple contract debt for satisfaction could look only to the personalty in the hands of the executor; while a creditor by a specialty in which the heir was named could reach the land itself in such heir's possession — his assets by descent. By will, however, the debtor might charge land with the prior payment of a debt. For the purpose of founding administration all simple contract debts are assets at the domicil of the debtor. A note given is merely evidence of the 'debt.'

See AcoiDERE, Quando; Accoubt, 1; Administeb, 4; Bankeuptot; Bona; Conpobmity; Cbeditob's Bill; Insolvency; Legacy; Marshal, 2.