In probate law. Property of a decedent available for the payment of debts and legacies; the estate coming to the heir or personal representative which is chargeable, in law or equity, with the obligations which such heir or representative is required, in his representative capacity, to discharge. In an accurate and legal sense, all the personal property of the deceased which is of a Balable 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 chargeable with Ms debts or legacies, and is applicable to that purpose, is, in a large sense, assets. Assets per descent. That portion of the ancestor’s estate which descends to the heir, and which is sufficient to charge him, as far as it goes, with the specialty debts of his ancestors. 2 Williams, Ex’rs, 1011. In commercial law. The aggregate of available property, stock in trade, cash, etc., belonging to a merchant or mercantile company. The word “assets,” though more generally used to denote everything which comes to the representatives of a 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 assets of a bank or other mon ied 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 a party has, as compared with his liabilities or debts. Stanton” v Lewis, 26 Conn. 449; Vaiden v. Hawkins, 59 Miss. 419; Pelican v. Rock Falls, 81 Wis. 428, 51 N. W. 871, 52 N. W. 1049. The property or effects of a bankrupt or insolvent, applicable to the payment of his debts. The term “assets” includes all property of every kind and nature, chargeable with the debts of the bankrupt, that comes into 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 the assignee for it. Assets entre mains. Assets in hand; assets in the hands of executors or administrators, applicable for the payment of debts. Equitable assets. Equitable assets. 1 Story, Eq. Jur.
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