ASSETS, in Law,effects sufficient to discharge the burden laid on an executor, or heir, for satisfying the testator’s debts or legacies. See EXECUTOR, HEIR, TESTAMENT, LEGACY, etc.
The word is formed of the French assez, enough; in regard whoever charges another with assets, charges him with having enough descended or come to his hands to discharge that which is in demand. Assets are of two sorts, real and personal— Where a man dies seized of lands in fee-simple, the lands which descend to his heir, are assets real. See REAL. Where he dies possessed of any personal estate, the goods which come to the hands of the executor, are assets personal. See PERSONAL.
Of real assets there are two sorts, per descent, and assets in hand.
Assets per descent, are where a man enters into bond, and dies seized of lands in fee-simple, which descend to his heirs, and are therefore chargeable as assets in his hands.
Assets per descent, are where a man enters into bond, and dies seized of lands in fee-simple, which descend to his heirs, and are therefore chargeable as assets in his hands.
If the Heir alien the land before he be put in Suit, he is discharged.
Assets in the main, is when a Man dies indebted; leaving to his Executors sufficient wherewithal to discharge his Debts and Legacies. See EXECUTOR.
