Assets

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,