Home1797 Edition

ASSETS

Volume 2 · 170 words · 1797 Edition

in law, signifies goods enough to discharge that burden which is cast upon the executor or heir, in satisfying the debts and legacies of the testator or ancestor. Assets are real or personal. Where a man hath lands in fee simple, and dies seised thereof, the lands which come to his heir are assets real; and where he dies possessed of any personal estate, the goods which come to the executors are assets personal. Assets are also divided into assets per descendent, and assets inter mains. Assets by descent is where a person is bound in an obligation, and dies seised of lands which descend to the heir, the land shall be assets, and the heir shall be charged as far as the land to him descended will extend. Assets inter mains is when a man indebted makes executors, and leaves them sufficient to pay his debts and legacies; or where some commodity or profit ariseth to them in right of the testator, which are called assets in their hands.