Ohio St
Categories: Property
Definition (1910 Edition)
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. Jun § 552. Those portions of the property which by the ordina rules of law are exempt from debts, but whic 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 overns the distribution of legal assets. 2 onbl. Eq. b. 4, pt. 2, c. 2, § 1, and notes; Story, Eq. Jur. § 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 debts and legacies. 1 Story, Eq. Jur. § 551. Such arsets 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.
66, 18 N. E. 537, 15 Am. St. Rep. 552.
496.
55, 55 N. E. 172; Maloney v. Johnson-McLean Co., 72 Neb. 340, 100 N. W. 424.
338; Allen v. Bland, 134 Ind. 78, 83 N. E. 774.
111; Major v. Herndon, 78 Ky. 123.
61.
259, 52 N. E. Am. St. Rep
442, 62 NY. KE. 1044: aun v. Alexander, 3 Johns. (N. Y.) 484. 3 Am. Dec. 517. —Good country. In Scotch law. Good men of the country. A name given to a jury.— Good faith. Good faith consists in an honest intention to abstain from taking any unconscientious advantage of another, even through
6138, 10 N. BH 160.
431; In re Gibb’s Estate, 157 Pa. Wild v.
587; Harris v. Rutledge, 19 Iowa, 388, 87 Am. Dec. 441; Sullivan v. Richardson, 83 Fla. 1, 14 South. 602; Wood’ v. Vermont
442, 70 Am. Dec. 85.
405, 47 N. EB. 587; U. 8S. v. Lyman, 26 Fed. Cas. 1,024; Frost v. Witter, 132 Cal. 421, 64 Pac. 705, 84 Am. St. Rep. 53.
460, 23 Am. Rep. 762; In re Buchanan, 146 N. Y. 264, 40 N. B. 883.
177, 26 N. E. 979, 20 Am. St. Rep. 540. See, also, BET.
287.
66, 18 N. E. 537, 15 Am. St. Rep. 552.
496.
55, 55 N. E. 172; Maloney v. Johnson-McLean Co., 72 Neb. 340, 100 N. W. 424.
338; Allen v. Bland, 134 Ind. 78, 83 N. E. 774.
111; Major v. Herndon, 78 Ky. 123.
61.
259, 52 N. E. Am. St. Rep
442, 62 NY. KE. 1044: aun v. Alexander, 3 Johns. (N. Y.) 484. 3 Am. Dec. 517. —Good country. In Scotch law. Good men of the country. A name given to a jury.— Good faith. Good faith consists in an honest intention to abstain from taking any unconscientious advantage of another, even through
6138, 10 N. BH 160.
431; In re Gibb’s Estate, 157 Pa. Wild v.
587; Harris v. Rutledge, 19 Iowa, 388, 87 Am. Dec. 441; Sullivan v. Richardson, 83 Fla. 1, 14 South. 602; Wood’ v. Vermont
442, 70 Am. Dec. 85.
405, 47 N. EB. 587; U. 8S. v. Lyman, 26 Fed. Cas. 1,024; Frost v. Witter, 132 Cal. 421, 64 Pac. 705, 84 Am. St. Rep. 53.
460, 23 Am. Rep. 762; In re Buchanan, 146 N. Y. 264, 40 N. B. 883.
177, 26 N. E. 979, 20 Am. St. Rep. 540. See, also, BET.
287.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
UK commentary and modern updates are original additions. This entry is for educational
reference only and does not constitute legal advice.