2.
Assets are sometimes divided by all the old writers, into assets enter
mains and assets per descent; considered as to their mode of
distribution, they are 1egal or equitable; as to the property from which
they arise, they are real or personal.
3.
Assets enter maim, or assets in hand, is such property as at once comes
to the executor or other trustee, for the purpose of satisfying claims
against him as such. Termes de la Ley.
4.
Assets per descent, is that portion of the ancestor's estate which
descends to the heir, and which is sufficient to charge him, as far as
it goes, with the specialty debts of his ancestor. 2 Williams on Ex.
1011.
5. Legal assets, are such as constitute the fund for the payment of debts according to their legal priority.
6.
Equitable assets, are such as can be reached only by the aid of a court
of equity, and are to be divided,, pari passu, among all the creditors;
as when a debtor has made his property subject to his debts generally,
which, without his act would not have been so subject. 1 Madd. Ch. 586; 2
Fonbl. 40 1, et seq.; Willis on Trust, 118.
7. Real assets, are such as descend to the heir, as in estate in fee simple.
8. Personal assets, are such goods and chattels to which the executor or administrator is entitled.
9.
In commerce, by assets is understood all the stock in trade, cash, and
all available property belonging to a merchant or company. Vide,
generally, Williams on Exec. Index, h. t.; Toll. on Exec. Index, h. t.; 2
Bl. Com. 510, 511; 3 Vin. Ab. 141; 11 Vin. Ab. 239; 1 Vern. 94; 3 Ves.
Jr. 117; Gordon's Law of Decedents, Index, h. t.; Ram on Assets.
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