{"id":358717,"date":"2013-01-28T16:34:14","date_gmt":"2013-01-28T21:34:14","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/dictionary\/definition\/asset.html"},"modified":"2013-01-28T16:34:14","modified_gmt":"2013-01-28T21:34:14","slug":"asset","status":"publish","type":"dictionary","link":"https:\/\/dictionary.findlaw.com\/definition\/asset.html","title":{"rendered":"Asset"},"content":{"rendered":"\n
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term:<\/p>\n

<\/h1>\n\n
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n<\/p><\/dt>\n

[back-formation from assets<\/i>, singular, sufficient property to pay debts and legacies, from Anglo-French asetz<\/i>, from Old French asez<\/i> enough]
1<\/b> :<\/b> the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity<\/a>
2<\/b> :<\/b> an item of property owned <\/p>\n

admitted asset<\/b>
:<\/b> an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset<\/a> in this entry <\/p>\n

appointive asset<\/b>
:<\/b> an asset in an estate that is to be distributed under a power of appointment <\/p>\n

capital asset<\/b>
:<\/b> a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner’s business
;specif<\/i>
:<\/b> any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) <\/p>\n

cur·rent asset<\/b>
:<\/b> a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash <\/p>\n

equitable asset<\/b>
:<\/b> an asset esp. in an estate that is subject to the payment of debts only in a court of equity <\/p>\n

fixed asset<\/b>
:<\/b> a tangible asset (as a piece of equipment) that is of a permanent or long-term nature <\/p>\n

intangible asset<\/b>
:<\/b> an asset (as goodwill or a patent) that does not have physical form <\/p>\n

marital asset<\/b>
:<\/b> an asset acquired by either spouse or both spouses during a marriage NOTE: Marital assets are generally subject to equitable distribution on divorce. <\/i> <\/p>\n

net assets<\/b>
1<\/b> :<\/b> the excess of assets over liabilities called also net worth<\/i>
2<\/b> :<\/b> admitted assets considered as a whole <\/p>\n

net quick assets<\/b>
:<\/b> the excess of quick assets over current liabilities <\/p>\n

non·ad·mit·ted asset<\/b>
:<\/b> an asset not allowed by law to be included in determining the financial condition of an insurance company because it cannot be quickly converted into cash without incurring a loss compare admitted asset<\/a> in this entry <\/p>\n

quick assets<\/b>
:<\/b> cash, accounts receivable, and other current assets except inventories <\/p>\n

tangible asset<\/b>
:<\/b> an asset that has physical form and is capable of being appraised at an actual or approximate value <\/p>\n

wast·ing asset<\/b>
:<\/b> property (as a copyright or oil well) that will eventually expire or be used up and lose its value <\/p>\n<\/dd>\n<\/dl>\n

Source: Merriam-Webster’s Dictionary of Law \u00a91996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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