Assets

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.