Definition
| • | 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. |
| • | Effects of an insolvent debtor or bankrupt, applicable to the payment of debts. |
| • | 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. |
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