Assets - Law Dictionary Search Results
Home Dictionary Name: assetsasset
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...
Commercial assets
Commercial assets, of a building society comprise the society's class 1, class 2 and 3 assets. The aggregate of a society's class 1, class 2 and class 3 assets constitutes the total commercial assets of the society. Class 1 assets comprise class 1 advances secured on land in the United Kingdom or on land in the Isle of Man, the Channel Island or Gibraltar. Class 2 assets comprise class 2 advances secured on land in the United Kingdom or on land in the Isle of Man, the Channel Islands or Gibraltar. Class 3 assets comprise loons for mobile homes, Halsbury's Laws of England, Vol. (2), para 762, p. 464....
Assets
Assets [fr. assetz, Nor.-Fr., i.e., satis, Lat.; assez, Fr., sufficient; in Old English it was commonly written asseth], the property of a deceased person, which is chargeable with, and applicable to the payment of, his debts and legacies; the property of any person, with reference to bankruptcy, available for division amongst his creditors; the whole property of a person, without any such reference. For purposes of the administration of the estate of a deceased person assets were, before 1925, divided into two classes, legal and equitable. Legal assets comprised all property to which the personal representative became entitled virtute officii and for which he would have been answerable in an action at common law brought against him by a creditor; they were administered in accordance with certain rules of priority. Equitable assets, on the other hand were those which would only be made available for the payment of debts through the operation of a decree or order of a Court of Equity; t...
Non-performing asset
Non-performing asset, means an asset or account of a borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2 (1) (o)]...
Fixed assets
Fixed assets, 'Fixed assets' in general comprise those assets which are held for the purpose of conducting a business, in contradistinction to those assets which the proprietor holds for the purpose of converting into cash, and they include real estate, building, machinery, etc. Union of India v. United Collieries Ltd., AIR 1985 SC 192 (195): (1985) 1 SCC 305: (1985) 2 SCR 209. [Coal mines (Nationaliza-tion) Act, (26 of 1973), s. 2(h)(xii)]...
Floating assets
Floating assets, where there is a fixed charge over assets, such as the subsidiary shares, the fact that the charger is entitled to enjoy the fruits of the asset, such as the distribution rights, should not lead to the charge as it covers those assets being characterized as floating, Atlantic Computer System Plc (in re:), (1992) Ch 505. See also Arthur D Little Ltd. (in administration) v. Ableco Finance LLC, (2003) LR 217 (Ch): (2002) EWHC 701 (Ch)....
liquid asset
liquid asset a cash asset or an asset that is easily converted into cash. Source: U.S. Department of Housing and Urban Development ...
Capital asset
Capital asset, The expression 'capital asset: is defined in S. 2(14) of the Income-tax Act, 1961 to mean 'property of any kind held by an assessee'. It is of the widest amplitude, and apparently covers all kinds of property except the property expressly excluded by clause (i) to (iv) of the sub-s. which, it will be seen, does not include goodwill. But the definitions in S. 2 are subject to an overall restrictive clause, CIT v. B.C. Srinivasa Setty, (1981) 2 SCC 460 (463): (1981) 2 SCR 938: AIR 1981 SC 972.Includes capital asset as property of any kind held by the assesse, A.R. Krishna Murthy v. CIT, (1989) 1 SCC 754: AIR 1989 SC 1055 (1057). (Income Tax Act, 1961, s. 214)...
Remittance of asset
Remittance of asset, means remittance outside India of funds representing a deposit with a bank or a firm or a company, provident fund balance or superannuation benefits, amount of claim or maturity proceeds of Insurance policy, sale proceeds of shares, securities, immovable property or any other asset held in India in accordance with the provisions of the Act or rules or regulations made thereunder. [Foreign Exchange Management (Remittance of Assets) Regulations, 2000, R. 2 (v)]...
admitted asset
admitted asset see asset ...
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