Legal Term Dictionary

An officer chosen or appointed to appraise, value, or assess property. In civil and Scotch law. Persons skilled in law, selected to advise the judges of the inferior courts. Bell; Dig. 1, 22; Cod. 1, 51. A person learned in some particular science or industry, who sits with the judge More...

An officer chosen or appointed to appraise, value, or assess property. In civil and Scotch law. Persons skilled in law, selected to advise the judges of the inferior courts. Bell; Dig. 1, 22; Cod. 1, 51. A person learned in some particular science or industry, who sits with the judge on the trial of a cause requiring such special knowledge and gives his advice. In England it is the practice In admiralty business to call in assessors, in cases involving questions of navigation or seamanship. They are called "nautical assessors," and are always Brethren of the Trinity House. Less...

In probate law. Property of a decedent available for the payment of debts and legacies; the estate coming to the heir or personal representative which is chargeable, in law or equity, with the obligations which such heir or representative is required, In his representative capacity, to discharge. In an accurate More...

In probate law. Property of a decedent available for the payment of debts and legacies; the estate coming to the heir or personal representative which is chargeable, in law or equity, with the obligations which such heir or representative is required, In his representative capacity, to discharge. In an accurate and legal sense, all the personal property of the deceased which is of a salable nature, and may be converted into ready money, is deemed assets. But the word is not confined to such property: for all other property of the deceased which is chargeable with his debts or legacies, and is applicable to that purpose, is, in a large sense, assets. 1 Story, Bq. Jur. ft 531; Marvin v. Railroad Co. (C. C.) 49 Fed. 436; Trust Co. v. Earle, 110 U. S_ 710. 4 Sup. Ct 231. 28 L. Ed. 3Q1. Assets per descent. 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 ancestors. 2 Williams, Ex'rs, 1011. In commercial law. The aggregate of available property, stock in trade, cash, etc.,. belonging to a merchant or mercantile company. The word "assets," though more generally used to denote everything which comes to the representatives of a deceased person, yet is by no means confined to that use, but has come to signify everything which can be made available for the payment of debts, whether belonging to-the estate of a deceased person or not. Hence we speak of the assets of a bank or other mon-ied corporation, the assets of an insolvent debtor, and the assets of an individual or private copartnership; and we always use this word when we speak of the means which a party has, as compared with his 1 labilities or debts. Stanton v. Lewis, 26 Conn. 449; Vaiden v. Hawkins, 59 Miss. 419; Pelican v. Rock Falls, 81 Wis. 428, 51 N. W. 871, 52 N. W. 1019. The property or effects of a bankrupt or insolvent applicable to the payment of his debts. The term "assets" includes all property of every kind and nature, chargeable with the debts of the bankrupt, that comes into the hands of and under the control of the assignee; and the value thereof is not to be considered a less sum than that actually realized out of said property, and received by the assignee for it. n re Taggert, 16 N. B. R. 351, Fed. Cas. No. 13,725. —Assets entre mains. L. Fr. Assets in hand; assets in the hands of executors or administrators, applicable for the payment of debts. Termes de la Ley; 2 Bl. Comm. 530; I Crabb, Real Prop. 23; Favorite v. Booher, 17 Ohio St. 557.—Equitable assets. Equitable assets are all assets which are chargeable with the payment of debts or legacies in equity, and which do not fall under the description of legal assets. 1 Story, Eq. Juis, ft 552. Those portions of the property which by the ordinary rules of law are exempt from debts, but which the testator has voluntarily charged as assets, or which, being non-existent at law, have been created in equity. Adams, Eq. 254, et seq. They are so called because they can be reached only by the aid and instrumentality of a court of equity, and because their distribution is governed by a different rule from that which governs the distribution of legal assets. 2 Fonbl. Eq. b. 4, pt. 2, c. 2, § 1, and notes; Story. Eq. Jur. ft 552.—Legal assets. That portion of the assets of a deceased party which by law is directly liable, in the hands of his executor or administrator, to the payment of debtK and legacies. 1 Story, Eq. Jur. ft 551. Such assets as can be reached in the hands of an executor or administrator, by a suit at law against him.—Personal assets. Chattels, money, and other personal property belonging to a bankrupt, insolvent, or decedent estate, which go to the assignee or executor.—Real assets. Lands or real estate in the hands of an heir, chargeable with the payment of the debts of the ancestor. 2 Bl. Comm. 244, 302. Less...

An affirmation; a positive assertion; a solemn declaration. This word is seldom, if ever, used for a declaration made under oath, but denotes a declaration accompanied with solemnity or an appeal to conscience.

An affirmation; a positive assertion; a solemn declaration. This word is seldom, if ever, used for a declaration made under oath, but denotes a declaration accompanied with solemnity or an appeal to conscience. Less...

To draw or drain water from marsh grounds. Cowell.

To draw or drain water from marsh grounds. Cowell. Less...

v. In conveyancing. To make or set over to another; to transfer; as to assign property, or some interest therein. Cowell ; 2 Bl. Comm.326; Bump v. Van Orsdale, 11 Barb. (N. Y.) 638; Hoag v. Mendenhall, 19 Minn. 336 (Gil. 289). In practice. To appoint, allot, select, or designate More...

v. In conveyancing. To make or set over to another; to transfer; as to assign property, or some interest therein. Cowell ; 2 Bl. Comm.326; Bump v. Van Orsdale, 11 Barb. (N. Y.) 638; Hoag v. Mendenhall, 19 Minn. 336 (Gil. 289). In practice. To appoint, allot, select, or designate for a particular purpose, or duty. Thus, in England, justices are said to be "assigned" to take the "assises," "assigned to hold pleas," "assigned to make gaol delivery," "assigned to keep the peace," etc. St. Westm. 2, c. 30; Reg. Orig. 08, 69 ; 3 Bl. Comm. 58, 59, 353; 1 Bl. Comm. 351. To transfer persons, as a sheriff is said to assign prisoners In his custody. To point at, or point out; to set forth, or specify; to mark out or designate; as to assign errors on a writ of error; to assign breaches of a covenant. 2 Tldd, Pr. 1168; 1 Tidd, 686. Less...

That may be assigned or transferred; transferable; negotiable, as a bill of exchange. Comb. 176; Story, Bills, I 17.

That may be assigned or transferred; transferable; negotiable, as a bill of exchange. Comb. 176; Story, Bills, I 17. Less...

A Scotch law term equivalent to assignment, (q. v.) Assignatus utitur jure auctoris. An assignee uses the right of his principal; an assignee Is clothed with the rights of his principal. Halk. Max. p. 14; Broom, Max. 465.

A Scotch law term equivalent to assignment, (q. v.) Assignatus utitur jure auctoris. An assignee uses the right of his principal; an assignee Is clothed with the rights of his principal. Halk. Max. p. 14; Broom, Max. 465. Less...

In Scotch law. An assignee.

In Scotch law. An assignee. Less...

A person to whom an assignment is made. Allen v. Pancoast, 20 N. J. Law, 74; Ely v. Com'rs, 49 Mich. 17. 12 N. W. 893, 13 N. W. 784. The term is commonly used in reference to personal property; but it is not incorrect, in some cases, to apply More...

A person to whom an assignment is made. Allen v. Pancoast, 20 N. J. Law, 74; Ely v. Com'rs, 49 Mich. 17. 12 N. W. 893, 13 N. W. 784. The term is commonly used in reference to personal property; but it is not incorrect, in some cases, to apply it to realty, e. g., "assignee of the reversion." Assignee in fact is one to whom an assignment has been made in fact by the party having the right. Starkweather v. Insurance Co., 22 Fed. Cas. 1091; Tucker v. West, 31 Ark. 043. Assignee in law is one in whom the law vests the right; as an executor or administrator. Idem. The word has a special and distinctive use as employed to designate one to whom, under an insolvent or bankrupt law, the whole estate of a debtor is transferred to be administered for the benefit of creditors. In old law. A person deputed or appointed by another to do any act, or perform any business. Blount. An assignee, however, was distinguished from a deputy, being said to occupy a thing in his own right, while a deputy acted in right of another. Cowell. Less...

In contracts. 1. The act by which one person transfers to another, or causes to vest in that other, the whole of tbe right, interest, or property which he has in any realty or personalty, in possession or in action, or any share, interest, or subsidiary estate therein. Seventh Nat. More...

In contracts. 1. The act by which one person transfers to another, or causes to vest in that other, the whole of tbe right, interest, or property which he has in any realty or personalty, in possession or in action, or any share, interest, or subsidiary estate therein. Seventh Nat. Bank v. Iron Co. (C. C.) 35 Fed. 440; Haug v. Riley, 101 Ga. 372, 29 S. E. 44. 40 L. R. A. 244. More particularly, a tcritten transfer of property, as distinguished from a transfer by mere delivery. 2. In a narrower sense, the transfer or making over of the estate, right, or title which one has in lands and tenements; and, In an especially technical sense, the transfer of the unexpired residue of a term or estate for life or years. Assignment does not include testamentary transfers. The idea of an assignment is essentially that of a transfer by one existing party to another existing frarty of some species of property or valuable interest, except in the case of an executor. Hight v. Sackett, 34 N. Y. 447. 3. A transfer or making over by a debtor of all his property and effects to one or more assignees in trust for the benefit of his creditors. 2 Story, Eq. Jur. ft 1036. 4. The instrument or writing by which such a transfer of property is made. 5. A transfer of a bill, note, or check, not negotiable. 6. In bankruptcy proceedings, the word designates the setting over or transfer of the bankrupt's estate to the assignee. —Assignment for benefit of creditors. An assignment whereby a debtor, generally an insolvent, transfers to another his property, in trust to pay his debts or apply the property upon their payment. Van Patten v. Burr, 52 Iowa, 518, 3 N. W. 524.—Assignment of dower. Ascertaining a widow's right of dower by laying out or marking off one-third of her deceased husband's lands, and setting off the same for her use during life. Bettis v. Mc-Nider. 137 Ala. 588. 34 South. 813. 97 Am. St. Hep. 59.—Assignment of error. See ERROR.—Assignment with preferences. An assignment for the benefit of creditors, with directions to the assignee to prefer a specified creditor or class of creditors, by paying their claims in full before the others receive any dividend, or in some other manner. More usually termed a "preferential assignment."—Foreign assignment. An assignment made in a foreign country, or in another state'. 2 Kent, Comm. 405, et seq.—General assignment. An assignment made for the benefit of all the assignor's creditors, instead of a few only; or one which transfers the whole of his estate to the assignee, instead of a part only. Royer Wheel Co. v. Fielding, 101 N. Y. 504. 5 N. E. 431; Halsev v. Council, 111 Ala. 221. 20 South. 445; Mussey v. Noyes, 26 Vt. 471.—Voluntary assignment. An assignment for the benefit of his creditors made by a debtor voluntarily; as distinguished from a compulsory assignment which takes place by operation of law in proceedings in bankruptcy or insolvency. Presumably it means an assignment of a debtor's property in trust to pay his debts generally, in distinction from a transfer of property to a particular creditor in payment of his demand, or to a conveyance by way of collateral security or mortgage. Dias v. Bouchaud, 10 Paige. (N. Y.) 445. Less...