ASSETS. This is one of those terms in the law of England which in itself bears evidence of a Norman origin. It is derived from the French word assez, or more exactly. in Norman-French, assetz, "enough" or " sufficient," signifying the property of a deceased person, which is sufficient in the hands of his executor and heir for the payment of his debts and legacies. In strictness, therefore, the term is not applicable to the property of a person who dies intestate. and without any debts to be paid. In general acceptation, however, it is understood to mean the property left for distribution by a deceased per son, whether testate or intestate; and in commerce, and also in bankruptcy and insol vency, the term is used to designate the stock in trade and entire property of all sorts belonging to a merchant or to a trading association.
A. are either personal or real, the former comprehending such goods, chattels, and debts as devolve on the executor; and the latter including all real estate, whether devised or descending to the heir at law. In Connection with this distinction, A. are also said to be A. by descent, and A. in hand, the former of these being recoverable from the heir to whom the land descends, and so far as such lands will extend—A. in hand, again,
signifying such property as a person leaves to his executors sufficient for the clearing of burdens and bequests affecting his personal estate. A. are also in their nature either legal or equitable, according to the nature of the remedy which may be used by creditors against the executor or heir. Where there are several creditors of equal degree, the executor is bound to pay him who first obtains judgment for his debt; and he cannot resist on the ground that nothing will be left for the other creditors. If, after exhausting the whole A. which have come to his hands, by the payment of debts in due order, he be afterwards sued by a creditor remaining unpaid, heis entitled to protect himself by an allegation that be has fully administered, or technically by a plea of plene administravit; and upon this plea the creditor is entitled to judgment that he shall be paid out of any other A. that shall come to the defendants, which is called a judgment of A. in futuro.
A. is not a technical term in Scotland, but it is nevertheless much used in the legal business of that country.