KFLCC Kingdom Law 2nd Ed.

05

ASSETS

ASSESSMENT

ASSESSOR. An officer chosen or ap pointed to appraise, value, or assess property. In civil and Scotch law. Persons skill ed 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 knowl edge and gives his advice. In England it is the practice in admiralty business to call in assessors, in cases involv ing questions of navigation or seamanship. They are called "nautical assessors," and are always Brethren of the Trinity House. Property of a decedent available for the payment of debts and legacies; the estate coming to the heir or personal representative which is charge able, 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 per sonal property of the deceased which is of a Balable nature, and may be converted into ready money, is deemed assets. But the word is not confined to such property; for all other prop erty of the deceased which is chargeable with Ms debts or legacies, and is applicable to that purpose, is, in a large sense, assets. 1 Story, Efq. Jur. § 531; Marvin v. Railroad Co. (C. C.) 49 Fed. 436; Trust Co. v. Earle. 110 U. S. 710, 4 Sup. CL 231, 28 I* Ed. 301. 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 com pany. 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 debt or, 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 liabilities 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. 1049. 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. In 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 ad- ASSETS. In probate law.

the persons taxed. Taxes must be levied, with out discrimination, equally upon all the sub jects of property; whilst assessments are only levied upon lands, or some other specific prop erty, 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 the directors, from time to time as the company requires money, are called "assessments," or, in Eng land, "calls." Water Co. v. Superior Court, 92 Cal. 47, 28 Pac. 54, 27 Am. St. Rep. 91; Spangler v. Railroad Co., 21 111. 278; Stew art v. Publishing Co., 1 Wash. St. 521, 20 Pac. 605. The periodical demands made by a mutual insurance company, under its charter and by laws, 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 dam ages 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 pur posely made, and expenses incurred for es cape 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 mem bers of the association. Mutual Ben. L. Ins. Co. v. Marye, 85 Va. 643, 8 S. E. 481 —As sessment contract. One wherein the pay ment 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 taxa tion. 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, § 1031.— As sessment fund. The assessment fund of a mutual benefit association is the balance of the assessments, less expenses, out of which bene ficiaries 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, complet ed, verified, and deposited by the assessors, not as it appears after review and equalization. Bank v. Genoa, 28 Misc. Rep. 71, 59 N. Y. Supp. 829; Adams v. Brennan, 72 Miss. 894, 18 South. 482.— Assessment work. Under the mining laws of the United States, the hold er of an unpatented mining claim on the pub lic 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. § 2324 (U. S. Comp. St. 1901, p. 1426). This is commonly called by miners "doing assessment work."