ASSETS. All the stock in trade, cash, and all available property belonging to a merchant or company.
The property in the bands of an heir, ex ecutor, administrator, or trustee, which is legally, or equitably chargeable with the ob ligations which such heir, executor, admin istrator, or other trustee is, as such, requir ed to discharge.
Assets enter mains. Assets in hand. Such property as at once comes to the executor or other trustee, for the se of satisfy ing claims against him as . Termes de la Ley.
Equitable assets. Such as can be reached only by the aid of a court of equity, and which are to be divided, pari passu, among all the creditors ; 2 Fonblanque 401; Willis, Trust. 118.
Legal assets. Such as constitute the fund for the payment of debts according to their legal priority.
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. (7th Am. ed.) *1553.
Personal assets. Goods and personal chat tels to which the executor or administrator is entitled.
Real assets. Such as descend to the heir, as an estate in fee-simple.
In the United States, generally, by stat ute, all the property of a decedent, real and personal, is liable for his debts, and is to be applied as follows, when no statute pre scribes a different order of application, ex hausting all the assets of each class before proceeding to the next; First, the personal estate not specifically bequeathed ; second, real estate devised or ordered to be sold for the payment of debts; third, real estate de scended but not charged with debts ; fourth, real estate devised, charged generally with the payment of debts ; fifth, general pecunia ry legacies pro rata; sixth, real estate de vised, not charged with debts ; 4 Kent 421; 2 Wh. & T. Lead. Cas. 72.
With regard to the distinction between realty and personalty in this respect, grow ing crops go to the administrator ; Penhal low v. Dwight, 7 Mass. 34, 5 Am. Dec. 21; Kain v. Fisher, 6 N. Y. 597 ; Cheney v. Rood house, 135 Ill. 257, 25 N. E. 1019 ; he is en titled to a crop of cotton, the cultivation of which was practically completed at intes tate's death, although it was harvested and sold by the heirs ; Marx v. Nelms, 95 Ala. 304, 10 South. 551. See Wright v. Watson, 96 Ala. 536, 11 South. 634 ; so do nurseries, though not trees in general; Chapman v.
City of Lowell, 4 Cush. (Mass.) 380; as do bricks in a kiln; Taunton Copper Co. v. Ins. Co., 22 Pick. (Mass.) 110; so do chattels real, as interests for years and mortgages ; and hence the administrator must bring the action if the mortgagor die before foreclos ing; Lewis' Heirs v. Ringo, 3 A. K. Marsh. (Ky.) 249 ; so does rent, provided the intes tate dies before it is due ; oil produced after testator's death and accruing as royalty, be ing the consideration for the lease, is not of the corpus but a part of the income of the estate ; In re Woodburn's Estate, 138 Pa. 606, 21 Atl. 16, 21 Am. St. Rep. 932. Fixtures go to the heir ; 2 Smith, Lead. Cas. 99; Jackson v. Twentyman, 2 Pet. (U. S.) 137, 7 L. Ed. 374 ; Swift v. Thompson, 9 Conn. 67, 21 Am. Dec. 718. In copyrights and patents the ad ministrator has right enough to get them extended and beyond the customary time ; Wilson v. Rousseau, 4 How. (U. S.), 646, 11 L. Ed. 1141. Where land is sold in partition, and one dies before the proceeds are distrib uted, his share passes as personalty to his administrator ; State v. Harper, 54 Mo. App. 286. Land which an executor is directed to sell is personalty; 6 Yes. 520; 8 yes. 547; Thomman's Estate, 161 Pa. 444, 29 AU. 84; but a naked discretionary power of sale will not work a conversion until it is exercised ; Sheridan v. Sheridan, 136 Pa. 14, 19 Atl. 1068 ; Darlington v. Darlington, 160 Pa. 65, 26 AU. 503 ; In re Pyott's Estate, 160 Pa. 441, 28 Atl. 915, 921. Where the right of eminent domain has been exercised it con verts the land into personalty in Pennsyl- ' vania ; Plough's Estate, 3 D. R. Pa. 187 ; but not in New Jersey ; Wetherill v. Hough, 52 N. J. Eq. 683, 29 Atl. 592. The wife's para phernalia cannot be taken from her, in Eng land, for the benefit of the children and heirs, but may be for creditors. In the Unit ed States, generally, the wearing apparel of widows and minors is retained by them, and is not assets. So among things reserved is the widow's quarantine, i. e. forty days of food and clothing; Griswold v. Chandler, 5 N. H. 495 ; Washburn v. Hale, 10 Pick. (Mass.) 430.
A claim against the United States is not a local asset in the District of Columbia ; King v. U. S., 27 Ct. Cl. 529. See Woerner, Am. L. of Admn.
See MARSHALLING or ASSETS.