Legal Term Dictionary

Where the charter of a corporation provides for the payment by it of a state tax, and contains a proviso that "no other tax or impost shall be levied or assessed upon the said company," the word "assessed" in the proviso cannot have the force and meaning of describing special More...

Where the charter of a corporation provides for the payment by it of a state tax, and contains a proviso that "no other tax or impost shall be levied or assessed upon the said company," the word "assessed" in the proviso cannot have the force and meaning of describing special levies for public improvements, but is used merely to describe the act of levying the tax or impost. New Jersey Midland R. Co. v. Jersey City, 42 N. J. Law, 97. Less...

In a general sense, denotes the process of ascertaining and adjusting the shares respectively to be contributed by several persons towards a common beneficial object according to the benefit received. In taxation. The listing and valuation of property for the purpose of apportioning a tax upon it either according to More...

In a general sense, denotes the process of ascertaining and adjusting the shares respectively to be contributed by several persons towards a common beneficial object according to the benefit received. In taxation. The listing and valuation of property for the purpose of apportioning a tax upon it either according to value alone or in proportion to benefit received. Also determining the share of a tax to be paid by each of many persons; or apportioning the entire tax to be levied among tbe different taxable persons, establishing the proportion due from each. Adams, etc., Co. v. Shelby-ville, 154 Ind. 467, 57 N. E. 114, 49 L. R. A. 797, 77 Am. St Rep. 484; Webb v. Bid-well, 15 Minn. 483 (Gil. 394); State v. Farmer, 94 Tex. 232, 59 S. W. 541; Kinney v. Zimpleman, 36 Tex. 582; Southern R. Co. v. Kay, 62 S. C. 28, 39 S. E. 785; U. S. v. Erie R. Co., 107 U. S. 1, 2 Sup.' Ct. 83, 27 L. Ed. 385. Assessment, as used in juxtaposition with taxation in a state constitution, includes all the steps necessary to be taken in the legitimate exercise of the power to tax. Hurford v. Omaha, 4 Neb. 336. Assessment is also popularly used as a synonym for taxation in general,—the authoritative imposition of a rate or duty to be paid. But in its technical signification it denotes only taxation for a special purpose or local improvement; local taxation, as distinguished from general taxation; taxation on the principle of apportionment according to the relation between burden and benefit As distinguished from other kinds of taxation, assessments are those special and local impositions upon property in the immediate vicinity of municipal improvements which are necessary to pay for the improvement, and are laid with reference to the special benefit which the property is supposed to have derived therefrom. Hale v. Kenosha, 29 Wis. 599. And see Ride-nour v. Safiin, 1 Handy (Ohio) 464; Roosevelt Hospital v. New York, 84 N. Y. 108, 112; King v. Portland, 2 Or. 146; Reeves v. Wood County, 8 Ohio St 338; Wood v. Brady, 68 Cal. 7&, 5 Pac. 623, 8 Pac. 599. Taxes are impositions for purposes of general revenue, while assessments are special and local impositions upon property in the immediate vicinity of an improvement, for the public welfare, which are necessary to pay for the improvement and made with reference to the special benefit which such property derives from the expenditure. Palmer v. Stumph, 29 Ind. 329. A special assessment is a charge in the nature of a tax, imposed for the purpose of paying the cost of a local improvement in a municipal corporation, and levied only on those parcels of real property which, by reason of the location of such improvement, are specially benefitted by it Village of Morgan Park v. Wis-wall, 155 111. 262. 40 N. E. 611: Wilson v. Auburn, 27 Neb. 435, 43 N. W. 257; Ralei&h v. Peace, 110 N. C. 32, 14 S. E. 521, 17 L. R. A. 330: Sargent v. Tuttle, 67 Conn. 162, 34 Atl. 1028, 32 L. R. A. 822. Assessment and tax are not synonymous. An assessment is doubtless a tax, but the term implies something more; it implies a tax of a particular kind, predicated upon the principle of equivalents, or benefits, which are peculiar to the persons or property charged therewith, and which are said to be assessed or appraised, according to the measure or proportion of such equivalents; whereas a simple tax is imposed for the purpose of supporting the government generally, without reference to any special advantage which may be supposed to accrue to the persons taxed. Taxes must be levied, without discrimination, equally upon all the subjects of property; whilst assessments are only levied upon lands, or some other specific property, the subjects of the supposed benefits; to repay which the assessment is levied. Ridenour v. Saffin, 1 Handy (Ohio) 464. In corporations. Instalments of the money subscribed for shares of stock, called for from the subscribers by tbe directors, from time to time as the company requires money, are called "assessments," or, in England, "calls." Water Co. v. Superior Court, 92 Cal. 47, 28 Pac. 54, 27 Am. St Rep. 01; Spangler v. Railroad Co., 21 111. 278; Stewart v. Publishing Co., 1 Wash. St. 521, 20 Pac 605. The periodical demands made by a mutual insurance company, under its charter and bylaws, upon the makers of premium notes, are also denominated "assessments." Hill v. Insurance Co., 129 Mich. 141, 88 N. W. 392. Of damages. Fixing the amount of damages to which the successful party in a suit is entitled after an interlocutory judgment has been taken. Assessment of damages is also the name given to the determination of the sum which a corporation proposing to take lands for a public use must pay in satisfaction of the demand proved or the value taken. In insurance. An apportionment made in general average upon the various articles and interests at risk, according to their value at the time and place of being in safety, for contribution for damage and sacrifices purposely made, and expenses incurred for escape from impending common peril. 2 Phil. Ins. c. xv. —-Assessment company. In life insurance. A company in which a death loss is met by levying an assessment on the surviving members of the association. Mutual Ben. L. Ins. Co. v. Marye, 85 Va. 643, 8 S. E. 481.—Assessment contract. One wherein the payment of the benefit is in any manner or degree dependent on the collection of an assessment levied on persons holding similar contracts. Folkens v. Insurance Co., 98 Mo. App. 480, 72 S. W. 720.—Assessment district. In taxation. Any subdivision of territory, whether the whole or part of any municipality, in which by law a separate assessment of taxable property is made by the officers elected or appointed therefor. Rev. Stat. Wis. 1898, ft 1031.—Assessment fund. The assessment fund of a mutual benefit association is the balance of the assessments, less expenses, out of which beneficiaries are paid. Kerr v. Ben. Ass'n, 39 Minn. 174, 39 N. W. 312, 12 Am. St. Rep. 631. —Assessment roll. In taxation. The list or roll of taxable persons and property, completed, verified, and deposited by the assessors, not as it appears after review and equalization. Bank v. Genoa, 28 Misc. Rep. 71, 59 N. T. Supp. 829; Adams v. Brennan, 72 Miss. 894, 18 South. 482.—Assessment work. Under the mining laws of the United States, the holder of an unpatented mining claim on the pub-he domain is required, in order to hold his claim, to do labor or make improvements upon it to the extent of at least one hundred dollars in each year. Rev. St. U. S. ft 2324 (U. S. Comp. St. 1901, p. 1426). This is commonly called by miners "doing assessment work." Less...

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...