1 definition found
From Webster's Revised Unabridged Dictionary (1913) [web1913]:
Assets \As"sets\, n. pl [OF. asez enough, F. assez, fr L. ad +
satis, akin to Gr ? enough, Goth. saps full. Cf {Assai},
{Satisfy}.]
1. (Law)
a Property of a deceased person, subject by law to the
payment of his debts and legacies; -- called assets
because sufficient to render the executor or
administrator liable to the creditors and legatees, so
far as such goods or estate may extend. --Story.
--Blackstone.
b Effects of an insolvent debtor or bankrupt, applicable
to the payment of debts.
2. The entire property of all sorts, belonging to a person, a
corporation, or an estate; as the assets of a merchant or
a trading association; -- opposed to {liabilities}.
Note: In balancing accounts the assets are put on the Cr
side and the debts on the Dr side
more about assets
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