Page:Black's Law Dictionary (Second Edition).djvu/104

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ASSETS ministrstors, applicahie for the (payment of debts. Termes de la Ley: 2 Bl. omm. 510:

I Crabh. Real 1‘rnp. 2'2: Favmite v. Boober. 17 Ohio St. 551-Eqn.itah1s assets. Equitable assets are all assets v\bicb are chargeable with the payment of debts or legacies in equity, and which do not [all under tho (le 'pt.ion of legal assets. 1 Story. Eq. Jur. § Those portions of the property which by the ordinary rules of law are exempt from debts, but which the tcstator hns voluntmrily charged as assets. or “bi . . being non-e:_isti-nt at law. have been created in equitv. Adams. Eq. 25%. 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 diii'r-rt-nt rule from that which


governs the distribution of legal assets. 2 Eonlol. Eq. b. c. 2. § 1, nnd notes: Story. Ea Jur. —Legal assets. That

as. s o a deceased party nhith by law is dircctiy liable. in the hands of his executor or adxninistmtor, to the payment of debts and legacies. 1 Story. Eq. Jur. § 55]. -\‘u(‘l1 assets as can be 'l'PiiK'llEd in the _1mnrls of an executor or administrator, by a suit at law against him.—I-‘es-sonal assets. Chnttels, money, and other personal property helonmug to n lsmkrupt. insolvent, or decedent estate, WliI(‘l.i go to the fissiznec or execntor.—Renl assets. Lands or real estate in the hands of an heir I-hargeahie with the payment of the debts of the ancestor. 2 I‘-l. Comm. 244. 302.

{{anchor+|.|ASSEVERATION. An ntfirmation ; a positive nssertmn; a solemn dcciaration. This word is seldom, i.f ever. used for a declaration made under oath, but denotes a declaration accompanied with solemnity or an appeal to conscience.

{{anchor+|.|ASSEWIARE. To draw or drain water from marsh grounds. Cowell.

{{anchor+|.|ASSIG-N, 1). In conveyancing. To make or set over to another; to transier; as to ussign property, or some interest therein. (‘ow- eil: 2 Bl. Comm. 326; Bump v. Van Orsdaie, 11 Barb. (N. Y.) 638; Hoag v. Mendenhnli. 19 Minn. 336 (Gil. 289).

In practice. To appoint, allot. select, or designate for a particuiar purpose, or duty. Thus. in England, justices are said to be “assigned to take the assises." “o.t.<ig'ned to hold pleas,” "ax:-i_rmcd to make gaoi delivery." "assigned to keep the peace," etc. St. Westm. 2. c. 30: Reg. Orig. 68. G9; 3 Bl. Comm 58. 59, 3

To tr.-Luster persons, as a sheritt 15 assirn p1 Isuners in his custody.

To point at, or point out: to Set foith, or specify; to marl; out or deslguate: as to assign errors on a writ of error; to assign brumhcs of a covenant. 2 Tidd, Pr. 1163; 1 Tldfl, (:80.


sold to

{{anchor+|.|ASSIGNABLE. That may be assigned or transferred; transferzible; ne;:otiabie, as a hill of exchange. Comb. 176; Story, Bills, S 17.

{{anchor+|.|ASSIGNATION. A Scotch law term equiiaient to assignment. (q. 1:.)

Assignntus utitnr .1111-e aucto:-is. An asslguee uses the right of his principal; an

96 ASSIGNMENT

assignee is clothed with the rights of his principal. Halk. Max. p. 14; Broom, Max. 465.

{{anchor+|.|ASSIGNAY. signee.

In Scotch law. An as-

{{anchor+|.|ASSIGNEE. A person to whom an assignment is made. Allen v. I‘-inconst, 20 N. J. Law, 74; Ely v. Com'rs, 49 i\iich. 17, 12 1 . W. S93, 13 N. W. 784. The term is commonly used in roference to personal prop- erty: but it is not incorrect. in some cases, to apply it to realty, e. 9.. “assignee of the reversion."

Assignee in fact is one to whom an assignment has been made in fact by the party hnving the right Starkweather v. Insurance Co., 22 Fed. Cos. 1091; Tucker v. West. 31 Arli. 643.

Assignce in law is one in whom the law vests the right; as an executor or administrator. Idem.

The word has a special and distinctive use as employed to designate one to whom, under an insolvent or bankrupt law, the whole estate at a debtor is transferred to be ad- mnnistered for the benefit of creditors.

In old law. A person deputed or appointed by another to do any act, or perform any business. Biount. An ossignue, how- ever, was distinguished from a dcputil. being said to occupy a thing in his am: right, while a deputy acted in right of another. Cowell.

{{anchor+|.|ASSIGNMENT. In contracts. 1. The act by which one person transfers to nnut.he1', or causes to vest in that other, the whole of the right. interest, or property which he has in any realty or persona1ity_ in possession or in action, or any share, interest, or sub- sidiary estate therein. Seventh Nat. Bank v. Iron Co. (0. C.) 35 Fed. 440; Iinug v. Riley, 101 Ga. 372. 29 S. E. 4-1. 40 L. R. A. 244. More pnr-Licuiariy, a written transfer of property, as distinguished from a trunsfer by mere delivery.

2. In a narrower sense, the transfer or mailing over of the estate. right, or title which one has in lands and tenements: and, in an especially technical sense, the transfer of the unexpired residue of a term or estate for itfe or years.

Assignment does not include testamentary t1‘:\u'~fers. The idea of an assignment is essentially that of a trrnsfer by one existing party to another existing: party of some species of property or valuable interest. except in the case or an executor. Hight v. Sackett, 34 N.

3. A transfer or making over by a debtor of all his property and effects to one or more assignees in trust for the benefit of his cred- itors. 2 Story, Eu. Jur. § 1036.

4. The instrument or writing by which such a transfer or property is made

5. A transfer of a bill. note, or check, not

negotiable.