assets

All the stock In trade, cash, and all available property belonging to a merchant or company. The property in the hands of an heir, executor, administrator, or trustee, which is legally or equitably chargeable with the obligations which such heir, executor, administrator, or other trustee is, as such, required to discharge. Assets enter mains. Assets in hand. Such property as at once comes to the executor or other trustee, for the purpose of satisfying claims against him as such. Teiines de la Lev. Equitable assets. Such as can be reached only by the aid of a court of equity, and which are to be divided, pari passu, among all the creditors; 2 Fonblanque 401; Willis, Trust 118. Legal assets. Such as constitute the fund for the payment of debts according to their legal priority. Assets per descent. That portion of the ancestor's estate which descends to the heir, and which is sulhcient to charge him, as far as it goes, with the specialty debts of his ancestors; 2 Williams, Ex. (7th Am. ed.) •1553. Personal assets. Goods and personal chattels to which the executor or administrator is entitled. Real assets. Such as descend to the heir, as an estate in fee-simple. In the United States, generally, by statute, all the property of a decedent, real and personal, is liable for his debts, and is to be applied as follows, when no statute prescribes a different order of application, exestate not specifically bequeathed; s. -tate devised or ordered to be sold f.>r the payment of debts; third, real estate descended but not charged with debts; fourth. real estate devised, charged generally with the payment of debts; fifth, general pecuniary legacies pro rata; sixth, real estate devised, not charged with debts; 4 Kent 421; 2 1 Wh. & T. Lead. Cas. 72. With regard to the distinction between realty and personalty in this respect, iug crops go to the administrator; Penhallow v. Dwight 7 Mass. 34, 5 Am. Dec. 23; Kain v. Fisher, 6 N. V. 597; Cheney v. Roodhouse, 135 111. 257, 25 N. E. 1019; he is entitled to a crop of cotton, the cultivation »t v.i.i jh was practically completed at intestate's death, although it was harvested and sold by the heirs; Marx v. Nelms, 95 Ala. 304, 10 South. 551. See Wright v. Watson, 96 Ala. 530, 11 South. 034; so do nurseries, though not trees in general; Chapman v. City of Lowell, 4 Cush. (Mass.) 380; as do bricks in a kiln; Taunton Copper Co. v. Ins. Co., 22 Pick. (Mass.) 110; so do chattels real, as interests for years and mortgages; and hence the administrator must bring the action if the mortgagor die before foreclosing; Lewis' Heirs v. Lingo, 3 A. K. Marsh. ( Ky. i 249; so does rent provided the intestate dies before it is due; oil produced after testator's death and accruing as royalty, being the consideration for the lease, is not of the corpus but a part of the income of the estate; In re Woodburn's Estate, 138 Pa. 606, 21 Atl. 16, 21 Am. St. Rep. 932. Fixtures go to the heir; 2 Smith, Lead. Cas. 99; Jackson v. Twenty man, 2 Pet. (U. S.) 137, 7 L, Ed. 374; Swift v. Thompson, 9 Conn. 67, 21 Am. Dec. 718. In copyrights and patents the administrator has right enough to get them extended and beyond the customary time; Wilson v. Rousseau, 4 How. (U. S.) 646, 11 L. Ed. 1141. Where land is sold in partition, and one dies before the proceeds are distributed, his share passes as personalty to his administrator; State v. Harper, 54 Mo. App. 286. Land which an executor is directed to sell is personalty; 6 Ves. 520; S Yes. 547; Thomman's Estate, 161 Pa. 444, 29 Atl. 84; but a naked discretionary power of sale will not work a conversion until it is exercised: Sheridan v. Sheridan, 136 Pa. 14, 19 Atl. IOCS; Darlington v. Darlington. 160 Pa. 65, 28 Atl. 503; In re Pyott's Estate, 160 Pa. 441, 28 Atl. 915, 921. Where the right of eminent domain has been exercised it converts the land into personalty in Pennsylvania; Hough's Estate, 3 D. R. Pa. 187; but not in New Jersey: Wetherill v. Hough, 52 N. J. Eq. 683, 29 Atl. 591". The wife's paraphernalia cannot be taken from her, in England, for the benefit of the children and heirs, but may be for creditors. In the Unitis not assets. So among things reserved is the widow's quarantine, i. e. forty days of food and clothing; Griswold v. Chandler, 5 N. H. 495; Washburn v. Hale, 10 Pick. (Mass.) 430. A claim against the United States is not a local asset in the District of Columbia; King v. U. S., 27 Ct. CI. 529. See Woerner, Am. L. of Admn. See Marshalling of Assets.

In probate law. Property of a decedent available for the payment of debts and legacies; the estate coming to the heir or personal representative which Is chargeable, in law or equity, with the obligations which such heir or representative is required, in his representative capacity, to discharge.

In an accurate and legal sense, all the personal property of the deceased which is of a salable nature, and may be converted into ready money, is deemed assets. But the word is not confined to such property ; for all other property of the deceased which is chargeable with his debts or legacies, and is applicable to that purpose, is, in a large sense, assets. 1 Story, Eq. Jur. § 531; Marvin v. Railroad Co. (C. C.) 49 Fed. 436; Trust Co. v. Earle, llO U. S. 710, 4 Sup. Ct 231, 28 L Ed. 301. Assets per descent. That portion of the ancestor's estate which descends to the heir, and which is sufficient to charge him, as far as it goes, with the specialty debts of his ancestors. 2 Williams, Exits, 1011.

In commercial law. The aggregate of available property, stock in trade, cash, etc., belonging to a merchant or mercantile company. The word "assets," though more generally used to denote everything which comes to the representatives of a deceased person, yet is by no means confined to that use, but has come to signify everything which can be made available for the payment of debts, whether belonging to the estate of a deceased person or uot. Hence we speak of the assets of a bank or other monied corporation, the assets of an insolvent debtor, and the assets of an individual or private copartnership; and we always use this word when we speak of the means which a party has, as compared with his liabilities or debts. Stanton v Lewis, 26 Conn. 449; Vaiden v. Hawkins, 59 bliss. 419 ; Pelican v. Rock Falls, 81 Wis. 42a 51 N. W. 871, 52 N. W. 1049. The property or effects of a bankrupt or insolvent, applicable to the payment of his debts. The term "assets" includes all property of every kind and nature, chargeable with the debts of the bankrupt, that comes into the hands of and under the control of the assignee ; and the value thereof is not to be considered a less sum than that actually realized out of said property, and received by the assignee for it. In re Taggert, 16 N. B. R. 351, Fed. Cas. No. 13,725.

— Assets entre mains. In Fr. Assets in band ; assets in the bands of executors or administratore, applicable for the payment of debts. Termes de la Ley; 2 BL. Comm. 510; I Crabb, Real Prop. 23; Favorite v. Booher, 17 Ohio St. 557.-

— Equitable assets. Equitable assets are all assets which are chargeable with the payment of debts or legacies in equity, and which do not fall under the description of legal assets. 1 Story, Eq. Jur. § 552. Those portions of the property which by the ordinary rules of law are exempt from debts, but which the testator has voluntarily charged as assets, or which, being non-existent at Jaw, have been created in equity. Adams, Eq. 254, et seq. They are so called because they can be reached only by the aid and instrumentality of a court of equity, and because their distribution is governed by a different rule from that which governs the distribution of legal assets. 2 JTonbl. Eq. hi 4, pt. 2, c. 2, § 1, and notes; Story, Eq. Jur. § 552.

— Legal 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. 1 Story, Eq. Jur. § 551. Such assets as can be reached in the hands of an executor or administrator, by a suit at law against him.

— Personal assets. Chattels, money, and other personal property belonging to a bankrupt, insolvent, or decedent estate, which go to the assignee or executor.

— Real assets. Lands or real estate in the hands of an heir, chargeable with the payment of the debts of the ancestor. 2 Bl. Comm. 244, 302.

Property in the hands of an ment of debts and legacies of the an act or thing done, as consent v. Consent. or fix; to ascertain or assesa Assart; an assart, v. Assart, To assart Assertatnm: assarted.; satisfaction or compensation. fix or settle a sum to be levied or of a tax; to impose a pecuniary; to value, in order to tax; the anciently used as expressive of nearly cause were said to be assessed and frequently said to tax the damwas made, the jury being said to to tax the costs; and this dis- Assessment. proportioning of one thing to another; be levied or paid; the adjustment levied; taxation in general; valuataxation; a pecuniary imposition of tax; a tax for a local object or according to a supposed relation word is thus used in two distinct and the sense of result There is a and tax, though in the broadest and rest upon the power to tax, an imposition for improvements beneand proportioned to the beneon all property-owners without I.

In the civil law. A person for the purpose of assisting him to assess property, v. Assess, Persons skilled in the law, apdecisions of the judges of inferior executor, etc., available for paytestator, etc.; property of a bankavailable for the payment of his or its liabilities. Assets entre mains: assets in hand; assets in the hands of executors or administrators, applicable to the payment of debts. Assets per descent: assets by descent, — lands in the hands of an heir chargeable with the payment of the debts of the ancestor; otherwise called real assets. Equitable assets: assets which creditors can reach only through a court of equity. Legal assets: assets in the hands of the executor or administrator which maybe reached by an action at law. V. Marshaling.

In probate law. Propertyot a decedent available for the payment of debts and legacies; the estate coming to the heir or personal representative which is charge able, in law or equity, with the obligations which such heir or representative is required, in his representative capacity, to discharge, In an accurate and iegal sense, all the personal property of the deceased which is of a salable pat ure, and may be converted into ready money, is deemed assets. But the word is not confined to such property; for all other property of the de ceased which is chargeable with his debts or lega cies, and is applicable to that purpose, is, in @ large sense, assets. 1 Story, Eq. Jur. § 531, Assets per descent, That portion of the am eestor’s estate which descends to the heir, and which is sufficient to charge him, as far Hquitable assets. The terin includes eq- ‘nities of any sort ace rights and claims which are available only by the aid of a court of eq- ‘nity, and which are to be divided, part passu, among all the creditors. Legal assets. Such as constitute the fund, for the payment of debts, that can be reached in an action at law. Personal assets. Goods and persunal ehattals to which the executor or administrator is entitled. Teal assets. Such as descend to the heir, ag an estate in fee-simple.

In commercial law. The aggregate of available property, stock in trade, cash, ete., belonging to a merchant or mercantile tompany. The word “assets, "though more generally used eee to dencte everything which comes to the represenfatives of 4 deceased person, yet is by no means confined to that use, but has come to signify everything which can be made available for the payment of debts, whether belonging to the estate of a deceased person or not. Hence we speak of the asacts of s bank or other monied corporation, the assets of an insolvent debtor, and the assets of an individual or private copartnership; and we always use this word when we speak of the means which & party has, as compared with his liabilities or debts. 26 Conn. 449, __. The property or effects of a bankrupt or Insolvent, applicable to the payment of his The term “assets” includes all property of every kind and nature, chargeable with the debts of the bankrupt, that comes inte the hands of and under the control of the assignee; and the value thereof is not to be considered a less sum than that actually realized out of said property, and received by eS the assiguec forit. 16N, B. R. 351.

* 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.

Property available for debts or mains: assets in hand, property which hands of the executor or trustee for the sets per discent: property which goes with the ancestor's specialty debts swearing the peace with some practising himself to practice. artioulo mortis: at the the Stat. 28 Edw. ploughing. be understood. ancient demesne; in civil he carried away. trees by the roots, clear cleared land. physical injury to another, or apparent power to inassaie: an assay, an exami-; to confirm. Assethree or more persons to legacies. Assets entre comes at once into the payment of debts. Asto the heir, chargeable otherwise called real only through a court of equity. Legal assets: those in the hands of the executor or administrator, which may be reached in an action at law. Marshalling of assets: an equitable doctrine, by which, when there are two classes of assets and some creditors can enforce their claims against both and others against only one, the former class of creditors are compelled to exhaust the assets against which they alone have a claim before having recourse to the other assets. Thus providing for the settlement of as many claims as possible. Assignatus utitur jure auctoris: an assignee enjoys the rights of his principal [assignor].

ffrom Fr. asse Zf asses, enough.] Goods or lands in the hands of an executor, administrator or heir, sufficient (assez) to discharge the debts and legacies of the testator, intestate or ancestor, or some part thereof; or sufficient to chaise the executor, administrator or heir, (that is, to make him liable,) to the extent of the property. Cowell, Blount, Shep. Touch, 496. Lovelass an Wills, 88. 2 Bl, Com, 244, 610. 1 Story's Eq, Jurispr, § 681. The real and personal property of a party deceased, which, either m the hands of his heir or devisee, or of his executor or administrator, is chargeable with the payment of his debts and legacies. 2 Steph. Com, 244, note (z). P, Cyclopedia, — ^In an accurate and legal sense, all the personal property of the deceased which is of a sisdeable nature, and may be converted into ready money, is deemed assets. But the word is not confined to such property; for all other property of the deceased which is chai^eable with his debts or legacies, and is appucable to that pim)ose, is, in a lai^ge sense, assets. I Story's Bq, Jur. % 531, The property or effects of a bankrupt or insolvent, applicable to the payment of bis debts.

In a larger sense, the property or effects of any individual or corporation, available for the payment of his or its liabilities.* These last are rather the popular than the legal significations of the term. Assets are either personal, real, legal or equitable assets, (qq. v.) This word presents a striking instance of entire loss of original and strictly appropriate meaning, and the acquisition of a new and opposite sense. Assets, according to the oldest definitions, once literally signified what its etymology indicates,^property of a deceased person sufficient {assezj to pay hb debts and legacies! Termes de la ley. So, where land descended to an heir was as much in value as other land sold by the ancestor, it was for that reason called assets per descent, that is, equivalent, (quod tantundem valet.) Bract, fol. 376 b, 377. Co* Litt. 374 b. 2 Bl, Com, 244. By subsequent definitions a quahfication was introduced, which the contmued use of the word rendered obviously necessary. Thus, Sheppard defines it to be "goods or chattels sufficient to pay the debts, or some paH thereof," Shep, Touch, 496. So Stephen, " sufficient (to some extent at least) to satis* fy the debt." 1 Steph, Com, 396. Blackstone retains the idea of sufficiency, but. it a new application, viz. to the liabir ty fives of the executor, (fee. 2 Bl, Com. 510. See the definition supra. ^Other modem' definitions have dropped the idea of sufficiency entirely; and assets is now constantly used to signify any property, estate or fund. applicable to the payment of debtS), though quite insmfficient in amount or value for the purpose. The entire departure from oric^nal meaning appears very palpably in the common expression, " an insolvent's or bankrupt's assets." Assets entre mains. L. Fr. in hand; assets in the hands of executors or administrators, applicable for the payment of debts. Termes de la ley, 2 Bl, Com. 610. 1 Crabb's Meal Prop, 23, § 81. Called m modern law, personal assets, (q. v.) Assets per descent. L. Fr. by descent. Lands in the hands of an heir chargeable with the parent of the debts of the ancestor; otherwise called real assets, (q. V.) Thus, where a man has bound himself and his heirs in any obligation in writing, for the payment of a certain sum, and he dies seised of lands m fee simple which descend to his heirs, these lands, when in the hands of the heir, will be liable to the payment of that sum. 2 Bl, Com, 243, 244, 340. 1 St^h, Com, 396, 897. Co. Litt. 374 b. In other words, assets by de- Bcent are liable to those debts only which are secured by specialty, as bond or covenant binding the party s heirs; but assets in the hancb of executors and administrators are liable to all debts. Bmade,