ASSETS

noun ·pl effects of an insolvent debtor or bankrupt, applicable to the payment of debts.

2. assets ·noun ·pl 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.

3. assets ·noun ·pl 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.