ASSETS

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ASSETS

ASSETS. 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, is called assets. The term is derived from the Frenchword assez, enough; that is, the heir or trustee has enough property. Butthe property is still called assets, although there may not be enough todischarge all the obligations; and the heir, executor, &c., is chargeable indistribution as far as such property extends. 2. Assets are sometimes divided by all the old writers, into assetsenter mains and assets per descent; considered as to their mode ofdistribution, they are legal or equitable; as to the property from whichthey arise, they are real or personal. 3. Assets enter maim, or assets in hand, is such property as at oncecomes to the executor or other trustee, for the purpose of satisfying claimsagainst him as such. Termes de la Ley. 4. Assets per descent, is that portion of the ancestor's estate whichdescends to the heir, and which is sufficient to charge him, as far as itgoes, with the specialty debts of his ancestor. 2 Williams on Ex. 1011. 5. Legal assets, are such as constitute the fund for the payment ofdebts according to their legal priority. 6. Equitable assets, are such as can be reached only by the aid of acourt of equity, and are to be divided,, pari passu, among all thecreditors; as when a debtor has made his property subject to his debtsgenerally, which, without his act would not have been so subject. 1 Madd.Ch. 586; 2 Fonbl. 40 1, et seq.; Willis on Trust, 118. 7. Real assets, are such as descend to the heir, as in estate in feesimple. 8. Personal assets, are such goods and chattels to which the executoror administrator is entitled. 9. In commerce, by assets is understood all the stock in trade, cash,and all available property belonging to a merchant or company. Vide,generally, Williams on Exec. Index, h.t.; Toll. on Exec. Index, h.t.; 2Bl. Com. 510, 511; 3 Vin. Ab. 141; 11 Vin. Ab. 239; 1 Vern. 94; 3 Ves. Jr.117; Gordon's Law of Decedents, Index, h.t.; Ram on Assets.

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