Blacks Law Dict. 1st ed

ASSETS

ASSIGNMENT

97

Equitable assets. The term includes eq uities of any sort ai,a rights and claims which Are available onl> by the aid of a court of eq nity, and which are to be divided, paripassu, among all the creditors. Legal assets. Such as constitute the fund, for the payment of debts, that can be reached in an action at law. Personal assets. Goods and personal chat tels to which the executor or administrator is entitled. Real assets. Such as descend to the heir, w an estate in fee-simple. 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 represen tatives of a deceased person, yet is by no means confined to that use, but has come to signify every thing which can be made available for the payment of debts, whether belonging to the estate of a de ceased person or not. Hence we speak of the as sets of a bank or other monied corporation, the as sets of an insolvent debtor, and the assets of an in dividual or private copartnership; and we always use this word when we speak of the means which a party has, as compared with his liabilities or debts. 26 Conn. 449. The property or effects dt 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 actu ally realized out of said property, and received by the assignee for it. 16 N. B. R. 851. ASSETS ENTRE MAINS. L. Fr. Assets in band; assets in the hands of exec utors or administrators, applicable for the payment of debts. Termes de la Ley; 2 Bl. Comm. 510; 1 Crabb, Real Prpp. 23. ASSEVERATION. An affirmation; a positive assertion; a solemn declaration. This word is seldom, if ever, used for a dec laration made under oath, but denotes a dec laration accompanied with solemnity or an appeal to conscience. ASSEWIABE. To draw or drain water from marsh grounds. Cowell. ASSIGN, «. In conveyancing. To make or set over to another; to transfer; as to as sign property, or some interest therein. Cow ell; 2 Bl. Comm. 326. In practice. To appoint, allot, select, or designate for a particular purpose, or duty. AM. DICT. uw—7

Thus, in England, justices are said to be "assigned to take the assises," "assigned to hold pleas," "assigned to make gaol de livery," "assigned to keep the peace," etc. St. Westm. 2, c. 80; Reg. Orig. 68, 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 °ut; to set forth, or specify; to mark out or designate; as to as~ sign errors on a writ of error; to assign breaches of a covenant. 2 Tidd, Pr. 1168; 1 Tidd, 686. ASSIGNABLE. That may be assigned or transferred; transferable; negotiable, as a bill of exchange. Comb. 176; Story, Bills, § 17. ASSIGNATION. A Scotch law term equivalent to assignment, (q. t>.) Assignatus utitur jure auctoris. An assignee uses the right of hia principal; an assignee is clothed with the rights of his principal. Halk. Max. p. 14; Broom, Max. 465. ASSIGNAY. In Scotch law. An as. signee. ASSIGNEE. A person to whom an as signment is made. 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 assign ment has been made in fact by the party hav ing the right. Assignee in law is one in whom the law vests the right; as an executor or administra tor. The word has a special and distinctive use as employed to designate one to whom, un der an insolvent or bankrupt law, the whole estate of a debtor is transferred to be admin istered for the benefit of creditors. In old law. A person deputed or ap pointed by another to do any act, or perform any business. Blount. An assignee, how ever, was distinguished from a deputy, being said to occupy a thing in his own right, while a deputy acted in right of another. Cowell. ASSIGNMENT. In contracts. 1. The act by which one person transfers to another, pr causes to vest in that other, the whole of the 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. More particularly, a written

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