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Legal Dictionary

assets

Legal Definition of assets

Related terms


Definition of assets

Pronunciation

  • IPA: /ˈæsets/

Noun

assets

  1. Plural form of asset.
  2. (finance) Any property or object of value that one possesses, usually considered as applicable to the payment of one's debts.

    His assets are much greater than his liabilities.

  3. (law) Sufficient estate; property sufficient in the hands of an executor or heir to pay the debts or legacies of the testator or ancestor to satisfy claims against it.
  4. Any goods or property properly available for the payment of a bankrupt's or a deceased person's obligations or debts.

References:

  1. Wiktionary. Published under the Creative Commons Attribution/Share-Alike License.



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