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assets


  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 




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