Legal Assets

Such property of a testator in the hands of his executor as is liable to debts in temporal courts, and to legacies in the spiritual by course of law. Equitable assets are such as are liable only by help of a court of equity. 2 Williams, Ex'rs, 1408-1431 (Am. Notes). No such distinction exists in Pennsylvania. 1 Ashm. (Pa.) 347. See Story, Eq. Jur. § 551; 2 Jarm. Wills, 543.

Such property of a testator in the hands of his executor as is liable to debts in temporal coui'ts and to legacies in the spiritual, by course of law; equitable assets are such as are liable only by help of a court of equity. 2 Will. Ex. 1408-1431. The distinction Is not important In the United States; In re Sperry’s Estate, 1 Ashm. (Pa.) 347. See Story, Eq. Jur. § 551; 2 Jarm. Wills, 543; Crosw. Ex, & Ad. i 421, 423.

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.

Defined under Assets in Black's Law Dictionary.

That portion of the assets of a deceased party which by law is directly liable, In the hands of his executor sets as can be reached in the hands of an executor or administrator, by a suit at law against him.

Defined under Legal in A Dictionary of Law.

v. Assets. Legal estate: one held by legal title, enforceable in a court of common law; not equitable. Legal memory: runs back to the beginning of the reign of Richard I.