As"sets (&?;), n. pl.
[OF. asez enough, F. assez, fr. L. ad + satis, akin to Gr. &?; enough, Goth. saps full. Cf. Assai, Satisfy.]
1. (Law) (a) Property 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. (b) Effects of an insolvent debtor or bankrupt, applicable to the payment of debts.
2. The entire property of all sorts, belonging to a person, a corporation, or an estate;
as, the assets of a
merchant or a trading association; -- opposed to
liabilities.
&fist; In balancing accounts the assets are put on the Cr.
side and the debts on the
Dr. side.
Hear it pronounced