·noun ·pl Effects of an insolvent debtor or bankrupt, applicable to the payment of debts.
II. Assets ·noun ·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.
III. Assets ·noun ·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.