Ăs'sets, n. pl.

[O. Fr. aset, asez, ussez, asseiz, asses, N. Fr. assez, from Lat. ad and sat or satis, enough. See ASSAI.]

1. (Law.) (a.) 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. Story. Burrill. Blackstone. (b.) Effects of an insolvent debtor or bankrupt, applicable to the payment of his debts.
2. The entire property of all sorts, belonging to a merchant or to a trading association. McCulloch.