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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.

See Brassart.

reduce. Legacies are liable to be abated entirely or in proportion, upon a deficiency of assets. To abate a tax, to remit it either wholly or in part.

Any article or separable part of one's assets.

To inclined upward so as to appear at the surface; to crop out; as, a vein of coal bassets.

Waste or misapplication of the assets of a deceased person by an executor or an administrator. Bouvier.

ng known; revelation; disclosure; as, a bankrupt is bound to make a full discovery of his assets. In the clear discoveries of the next [world]. South.

hare, or percentage; -- applied to the profits as appropriated among shareholders, and to assets as apportioned among creditors; as, the dividend of a bank, a railway corporation, or a bankrupt estate.

of equity, or upon principles of equity jurisprudence; as, an equitable estate; equitable assets, assignment, mortgage, etc. Abbott.

A charge, lien, etc., that successively attaches to such assets as a person may have from time to time, leaving him more or less free to dispose of or encumber them as if no such charge or lien existed.

ed by the rules of law as distinguished from the rules of equity; as, legal estate; legal assets. Bouvier. Burrill. Legal cap. See under Cap. -- Legal tender. (a) The act of tendering in the performance of a contract or satisfaction of a claim that which the law prescribes or permits, and at such time and place as the…

the sum of one's pecuniary obligations; -- opposed to assets. Limited liability. See Limited company, under Limited.

In an extended sense: To ascertain the amount, or the several amounts, of , and apply assets toward the discharge of (an indebtedness). Abbott.

state of being liquidated. To go into liquidation (Law), to turn over to a trustee one's assets and accounts, in order that the several amounts of one's indebtedness be authoritatively ascertained, and that the assets may be applied toward their discharge.

The arrangement of an escutcheon to exhibit the alliances of the owner. Marshaling of assets (Law), the arranging or ranking of assets in due order of administration.

See Chattel. -- Real action (Law), an action for the recovery of real property. -- Real assets (Law), lands or real estate in the hands of the heir, chargeable with the debts of the ancestor. -- Real composition (Eccl. Law), an agreement made between the owner of lands and the parson or vicar, with consent of the or…

To convert into actual money; as, to realize assets.

dness made by a receiver under order of court to obtain funds for the preservation of the assets held by him, as for operating a railroad. Receivers' certificates are ordinarily a first lien on the assets, prior to that of bonds or other securities.

ed fund by a bank to equalize its dividends, etc.; in the Bank of England, the balance of assets above liabilities. [Eng.]