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Meaning Of Assets
n. 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.
n. pl.
Effects of an insolvent debtor or bankrupt, applicable
to the payment of debts.
n. 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.