Assets

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notmartha
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Assets

Post by notmartha » Fri Jul 28, 2017 11:09 am

Keep these definitions in mind when reading/hearing about "asset forfeiture."

See also Forfeiture, Probate, Fiction, Equity.

BIBLE

The word “asset(-s)” was not found in KJV. It was only found in the following translation:


Holman Christian Standard Bible, 2003, Holman Bible Publishers
Psalm 49:12 - But despite ⌊his⌋ assets, man will not last; he is like the animals that perish.
Luke 15:12 - The younger of them said to his father, ‘Father, give me the share of the estate I have coming to me.’ So he distributed the assets to them.

Luke 15:30 - But when this son of yours came, who has devoured your assets with prostitutes, you slaughtered the fattened calf for him.’
DEFINITIONS

Webster’s Dictionary of the English Language, 1828
ASSETS', noun plural [Latin sat, satis, enough.]
Goods or estate of a deceased person, sufficient to pay the debts of the deceased. But the word sufficient, though expressing the original signification of assets is not with us necessary to the definition. In present usage, assets are the money, goods or estate of a deceased person, subject by law to the payment of his debts and legacies. assets are real or personal; real assets are lands which descend to the heir, subject to the fulfillment of the obligations of the ancestor; personal assets are the money or goods of the deceased, or debts due to him, which come into the hands of the executor or administrator, or which he is bound to collect and convert into money.

Bouvier’s Law Dictionary, 1856
ASSETS.

1. The property in the hands of an heir, executor, administrator or trustee, which is legally or equitably chargeable with the obligations, which such heir, executor, administrator or other trustee, is, as such, required to discharge, is called assets. The term is derived from the French word assez, enough; that is, the heir or trustee has enough property. But the property is still called assets, although there may not be enough to discharge all the obligations; and the heir, executor, &c., is chargeable in distribution as far as such property extends.

2. Assets are sometimes divided by all the old writers, into assets enter mains and assets per descent; considered as to their mode of distribution, they are 1egal or equitable; as to the property from which they arise, they are real or personal.

3. Assets enter maim, or assets in hand, is such property as at once comes to the executor or other trustee, for the purpose of satisfying claims against him as such. Termes de la Ley.

4. Assets per descent, is 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 ancestor. 2 Williams on Ex. 1011.

5. Legal assets, are such as constitute the fund for the payment of debts according to their legal priority.

6. Equitable assets, are such as can be reached only by the aid of a court of equity, and are to be divided,, pari passu, among all the creditors; as when a debtor has made his property subject to his debts generally, which, without his act would not have been so subject. 1 Madd. Ch. 586; 2 Fonbl. 40 1, et seq.; Willis on Trust, 118.

7. Real assets, are such as descend to the heir, as in estate in fee simple.

8. Personal assets, are such goods and chattels to which the executor or administrator is entitled.

9. In commerce, by assets is understood all the stock in trade, cash, and all available property belonging to a merchant or company. Vide, generally, Williams on Exec. Index, h. t.; Toll. on Exec. Index, h. t.; 2 Bl. Com. 510, 511; 3 Vin. Ab. 141; 11 Vin. Ab. 239; 1 Vern. 94; 3 Ves. Jr. 117; Gordon's Law of Decedents, Index, h. t.; Ram on Assets.

Black’s Law Dictionary, 1st Edition, 1891
ASSETS.

In probate law. Property of a decedent available for the payment of debts and legacies; the estate coming to the heir or personal representative which is chargeable, in law or equity, with the obligations which such heir or representative is required, in his representative capacity, to discharge.

In an accurate and legal sense, all the personal property of the deceased which is of a salable nature, and may be converted into ready money, is deemed assets. But the word is not confined to such property; for all other property of the deceased which is chargeable with his debts or legacies, and is applicable to that purpose, is, in a large sense, assets. 1 Story, Eq. J ur. i 531.

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‘rs. 1011.

Equitable assets. The term includes equities of any sort and rights and claims which
are available only by the aid of a court of equity, and which are to be divided. pari passu, among all the creditors.

Legal assets. Such as constitute the fund, for the payment of debts, that can be reached in an action at law.
Personal assets. Goods and personal chattels to which the executor or administrator is entitled.

Real assets. Such as descend to the heir, as an estate in fee-simple.

In commercial law. The aggregate of available property, stock in trade, cash, etc., belonging to a merchant or mercantile company.

The word “assets," though more generally used to denote everything which comes to the representatives of a deceased person, yet is by no means confined to that use, but has come to signify everything which can be made available for the payment of debts, whether belonging to the estate of a deceased person or not. Hence we speak of the assets of a bank or other monied corporation, the assets of an insolvent debtor, and the assets of an individual or private copartnership; and we always use this word when we speak of the means which a party has, as compared with his liabilities or debts. 26 Conn. 449.

The property or effects of a bankrupt or insolvent, applicable to the payment of his debts.

The term “assets” includes all property of every kind and nature, chargeable with the debts of the bankrupt, that comes into the hands of and under the control of the assignee; and the value thereof is not to be considered a less sum than that actually realized out of said property, and received by the assignee for it. 16 N. B. R. 351.
Black’s Law Dictionary, 2nd Edition, 1910
ASSETS.

In probate law. Property of a decedent available for the payment of debts and legacies; the estate coming to the heir or personal representative which is chargeable, in law or equity, with the obligations which such heir or representative is required, in his representative capacity, to discharge.

In an accurate and legal sense, all the personal property of the deceased which is of a salable nature, and may be converted into ready money, is deemed assets. But the word is not confined to such property ; for all other property of the deceased which is chargeable with his debts or legacies, and is applicable to that purpose, is, in a large sense, assets. 1 Story, Eq. Jur. | 531 ; Marvin v. Railroad Co. (C. C.) 49 Fed. 430; Trust Co. v. Earle. 110 U. S. 710, 4 Sup. Ct, 231, 28 I* Ed. 30.1.

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'rs, 1011.

In commercial law. The aggregate of available property, stock in trade, cash, etc., belonging to a merchant or mercantile company.

The word "assets," though more generally used to denote everything which comes to the representatives of a deceased person, yet is by no means confined to that use, but has come to
signify everything which can be made available for the payment of debts, whether belonging to the estate of a deceased person or not. Hence we speak of the assets of a bank or other monied corporation, the assets of an insolvent debtor, and the assets of an individual or private copartnership; and we always use this word when we speak of the means which a party has, as compared with his liabilities or debts. Stanton v. Lewis, 20 Conn. 449 ; Vaiden v. Hawkins, 59 Miss. 419; Pelican v. Rock Falls, 81 Wis. 428, 51 N. W. 871, 52 N. W. 1049.

The property or effects of a bankrupt or insolvent, applicable to the payment of his debts.

The term "assets" includes all property of every kind and nature, chargeable with the debts of the bankrupt, that comes into the hands of and under the control of the assignee ; and the value thereof is not to be considered a less sum than that actually realized out of said property, and received by the assignee for it. In re Taggert, 10 X. B. R. 351, Fed. Cas. No. 13.725.

—Assets entre mains. L. Fr. Assets in hand ; assets in the hands of executors or administrators, applicable for the payment of debts.

—Equitable assets. Equitable assets are all assets which are chargeable with the payment of debts or legacies in equity, and which do not fall under the description of legal assets.

Those portions of the property which by the ordinary rules of law are exempt from debts, but which the testator has voluntarily charged as assets, or which, being non-existent at law, have been created in equity.

They are so called because they can be reached only by the aid and instrumentality of a court of equity, and because their distribution is governed by a different rule from that which governs the distribution of legal assets.

—Legal assets. That portion of the assets of a deceased party which by law is directly liable, in the hands of his executor or administrator, to the payment of debts and legacies.

Such assets as can be reached in the hands of an executor or administrator, by a suit at law against him.

—Personal assets. Chattels, money, and other personal property belonging to a bankrupt, insolvent, or decedent estate, which go to the assignee or executor.

—Real assets. Lands or real estate in the hands of an heir, chargeable with the payment of the debts of the ancestor. 2 Bl. Comm. 244. 302.
Black’s Law Dictionary, 4th Edition, 1968
ASSETS.

The word, though more generally used to denote everything which comes to the representatives of a deceased person, yet is by no means confined to that use, but has come to signify everything which can be made available for the payment of debts, whether belonging to the estate of a deceased person or not. Hence we speak of the assets of a bank or other monied corporation, the assets of an insolvent debtor, and the assets of an individual or private copartnership; and we always use this word when we speak of the means which a party has, as compared with his liabilities or debts. Pelican v. Rock Falls, 81 Wis. 428, 51 N.W. 871.

Bankruptcy
The property or effects of a bankrupt or insolvent, applicable to the payment of his debts. The term "assets" includes all property of every kind and nature, chargeable with the debts of the bankrupt, that comes into-the hands of and under the control of the signee; and the value thereof is not to be considered a less sum than that actually realized out of said property, and received by the assignee for it. In re Taggert, 16 N. B. R. 351, Fed. Cas. No. 13, 725 ; Progressive Building & Loan Co. v. Hall, C.C.A.Va., 220 F. 45, 46.

Commercial Law
The aggregate of available property, stock in trade, cash, etc., belonging to a merchant or mercantile company.

The term "assets," as applied to a bank, is broad enough to cover anything which is or may be available to pay creditors; but, as usually understood, it refers to the tangible property of the corporation, and not to the liability of stockholders contingent upon insolvency. Hill v. Smathers, 173 N.C. 642, 92 S.E. 607, 609; Deariso v. Mobley, 38 Ga.App. 313, 143 S.E. 915, 920. But when the individual liability of stockholders has been enforced by the superintendent of banks, funds collected by him thereunder are "assets." Bennett v. Wilkes County, 164 Ga. 790, 139 S.E. 566, 568.

But on other hand stockholders' voluntary assessment to relieve bank or for betterment of stock. Thomson v. Holt, 345 Mo. 296, 132 S.W.2d 974, 977; bank stockholders ability, Farmers & Merchants Bank of Morgantown v. Bank of Masontown, 123 W.Va. 451, 15 S.E.2d 569, 572; and bank directors' contribution to special bond account to make good shrinkage in regular bond were held to be assets. Asher v. West End Bank, 345 Mo. 89, 131 S.W.2d 549, 551. 151

Probate Law
Property of a decedent available for the payment of debts and legacies; the estate coming to
the heir or personal representative which is chargeable, in law or equity, with the obligations which such heir or representative is required, in his representative capacity, to discharge. In an accurate and legal sense, all the personal property of the deceased which is of a salable nature. and may be converted into ready money, is deemed assets. But the word is not confined to such property; for all other property of the deceased, real or personal, tangible or intangible, legal or equitable, which can be made available for or can be appropriated to payment of debts, is, in a large sense, assets. Trust Co. v. Earle, 110 U.S. 710, 4 Sup.Ct. 231, 28 L.Ed. 30; Condo v. Barbour, 101 Ind.App. 483, 200 N.E. 76; Tapp v. Stuart, D.C.Okl., 6 F.Supp. 577, 578.

General

—Assets entre mains. L. Fr. Assets in hand; assets in the hands of executors or administrators,
applicable for the payment of debts. Termes de la Ley; 2 Bl.Comm. 510; 1 Crabb, Real Prop.
Ti; Favorite v. Booher, 17 Ohio St. 557.

—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'rs, 1011.

—Equitable assets. Equitable assets are all assets which are chargeable with the payment of debts or legacies in equity, and which do not fall under the description of legal assets. 1 Story, Eq.Jur. § 552. Those portions of the property which by the ordinary rules of law are exempt from debts, but which the testator has voluntarily charged as assets, or which, being non-existent
at law, have been created in equity. Adams, Eq. 254, et seq.

They are so called because they can be reached only by the aid and instrumentality of a court of equity, and because their distribution is governed by a different rule from that which governs the distribution of legal assets. 2 Fonbl. Eq. b. 4, pt. 2, c. 2, § 1, and notes; Story, Eq. Jur. § 552.

—Legal assets. See Legal Assets.

—Personal assets. Chattels, money, and other personal property belonging to a bankrupt, insolvent, or decedent estate, which go to the assignee or executor.

—Quick assets. This term was used in a corporation credit statement merely to distinguish liquid
assets from those permanently invested in the business, like real estate and machinery, and included amounts charged against officers for return of part of salaries paid them in a previous
year, in accordance with the agreement of employment. In re American Knit Goods Mfg. Co.,
C.C.A.N.Y., 173 F. 480, 97 C.C.A. 486.

—Real assets. Lands or real estate in the hands of an heir, chargeable with the payment of the debts of the ancestor. 2 Bl.Comm. 244, 302.

WEX Legal Dictionary
Asset

In family law, specifically in the context of divorce, marital assets are economic resources attained during the marriage; that is from the date of the marriage ceremony to the date of actual or constructive separation. Marital assets will then be weighed against marital debt in the division of property and the award of spousal support. In the context of child support, the non-custodial parent's assets are calculated in measuring the amount of child support to be paid.
Non-Probate Assets

In trusts and estates law, non-probate assets are assets in which the title has already been transferred within a decedent’s lifetime, or assets in which the transfer of title is controlled by some sort of survivorship mechanism. These assets are not probated, meaning that they are not distributed according to the decedent’s will in probate court. Will substitutes are non-probate assets.
Probate Assets

In trusts and estates law, these are assets that an individual owns at his death in his sole name. Probate assets do not have a survivorship feature that will control the disposition at death, so disposition of probate assets are determined by probate court and are usually divided as directed by the decedent’s will.
MISC.

Judge Henry Clay Dean, Crimes of the Civil War (1868), pp. 264-265, 267.
"In the history of insolvent estates, bankrupts, merchants, contested debts and repudiated obligations, which make up the assets of the last six years, it must not startle mankind that the honest people have thrown off the yoke rudely placed upon them by reckless and unscrupulous tyrants."
28 U.S. Code § 3301 - Definitions
(2) “Asset” means property of a debtor, but does not include—
(A) property to the extent it is encumbered by a valid lien;
(B) property to the extent it is generally exempt under nonbankruptcy law; or
(C) an interest in real property held in tenancy by the entirety, or as part of a community estate, to extent such interest is not subject to process by the United States holding a claim against only one tenant or co-owner.
QUOTES


The Daily Oklahoman:
Under federal law the government is allowed to seize a person’s assets and distribute them, even if the accused is acquitted, or the charges eventually dropped, those assets may be transferred to state law enforcement agencies.
Daniel F. Walker:
Look at America now; older middle-income Americans are encouraged to divest themselves of their assets in order to qualify for Medicaid so that taxpayers at large must subsidize the costs of warehousing the artificially impoverished nursing homes -- in the name of “independent living” and “not being a burden to the children.”
Eustace Mullins, 'The Federal Reserve Conspiracy' (1954):
The increase in the assets of the Federal Reserve Banks from 143 Million dollars in 1913 to 45 Billion dollars in 1949 went directly to the private stockholders of the [Federal Reserve] banks.
Harry Browne:
Asset forfeiture is a mockery of the Bill of Rights. There is no presumption of innocence, no need to prove you guilty (or even charge you with a crime), no right to a jury trial, no right to confront your accuser, no right to a court-appointed attorney (even if the government has just stolen all your money), and no right to compensation for the property that's been taken.
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Firestarter
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Re: Assets

Post by Firestarter » Fri Jul 28, 2017 3:38 pm

I have one additional meaning for the word “asset”: https://en.wikipedia.org/wiki/Asset_(intelligence)
In intelligence, assets are persons within organizations or countries being spied upon who provide information for an outside spy. They are sometimes referred to as agents, and in law enforcement parlance, as confidential informants, or "CIs" for short.
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notmartha
Posts: 738
Joined: Mon Jul 22, 2013 1:16 pm

Re: Assets

Post by notmartha » Sun Jul 30, 2017 6:12 am

Thanks, Firestarter, for your addition. That definition was new to me.
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