Admitted Asset - Law Dictionary Search Results

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admitted asset

admitted asset see asset ...

asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...

Plene administravit pr'ter

Plene administravit pr'ter (he has fully adminis-tered, except). A defence by an executor or admin-istrator that he has fully administered the assets that have come to his hands, except, etc. The plaintiff may go to trial upon this defence, or may apply under Ord. XXXII, Rule 6, for leave to sign judgment to the extent of the assets admitted and of future assets quando acciderint for the residue of his debt and costs. Bullen and Leake, Pr. Pl....

Distribution, Statute of

Distribution, Statute of (22 & 23 Car. 2, c. 10), now only applied to intestacies prior to 1926, repealed by (English) Administration of Estates Act, 1925 (see WIDOW), explained by the Statute of Frauds, 29 Car. 2, c. 3, enacts that the surplusage of intestates' personal estate (except of femes covert, the administration and enjoyment of whose estates belonged, at Common Law, to their husbands-but see MARRIED WOMEN'S PROPERTY) shall, after the expiration of one year from the death of the intestate, be distributed in the following manner: one-third shall go to the widow of the intestate, and the residue in equal proportions to his children, or, if dead, to their representatives, that is, their lineal descendants; if there be no children or legal representative subsisting ,then a moiety shall go to the widow, and a moiety to the next of kindred in equal degree, and their representatives; if no widow, the whole shall go to the children; if neither widow nor children, the whole shall be di...

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