Equitable Assets

Such assets as are chargeable with the payment of debts or legacies in equity, and which do not fall under the description of "legal assets." 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 law, have been created in equity. Adams, Eq. 254 et seq.

Such assets as are Chargeable with the payment of debts or legacies iu equity, and which do not fall under the description of legal assets. 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 law, have been created in equity. Ad. Eq. 254. 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 Fonb. Eq. b. 4, pt 2, c. 2, § 1, and notes; 2 Vera. 703; YVilles 523; 3 Woodd. Lect 4S6; Story, Eq. Jur. § 552. The doctrine of equitable assets has been much restricted in the United States generally, and has lost its Importance in England since the act of ls70, providing that simple contract and specialty creditors are, in future, payable pari passu out of boil, and equitable assets; Bisph. Eq. S 531; Benson v. Le Roy, 4 Johns. Ch. (N. Y.) 651: uackhouse v. Patton, 5 Pet. (U. S.) 100, 8 L. Ed. S2; Black v. Scott, 2 Brock. Caa No. 1,404; Hopkins v. Morgan's Kx'r. 3 Dana (Ky.) 18; Speed's Ex'r v. Nelson's Ex'r, 8 B. Monr. (Ky.) 499; Henderson v. Burton's Kx'r, 38 N. C. 259.

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.

Defined under Assets in Black's Law Dictionary.

Equitable assets are all asscts 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 ab law, 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 beexuse Lheir distribution is governed by a different rule from that which governs the distribution of legal assets. 2 Fonbi. Eq. b. 4, pt. 2, ¢. 2, § 1, and notes; Story, Eq. Jur. § 552.

The assets which a creditor can only reach through a court of equity. Equitable estate: one existing or cognizable originally only at equity, as a trust or interest of a mortgagor. Equitable mortgage: a pledge or hen arising by rules of equity, as when a loan is made on deposit of title deeds. Equitable plea or defence: a defence to a legal action in cases where an injunction would be granted in equity, resting on equitable grounds or doctrines. Equitable vraste: extreme or excessive waste, or injury to the inheritance, forbidden even to a tenant without impeachment of waste; wilful destruction; which could only be remedied by courts of equity, v. Waste.

Such assets as at law cannot be reached by a creditor. 8 Wooddes. Led. 290, and notes. 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's Eq. Jur. § 652.