Definition of assets:
- Effects of an insolvent debtor or bankrupt, applicable to the payment of debts.
- 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.
- The entire property of all sorts, belonging to a person, a corporation, or an estate; as, the assets of a merchant or a trading association; - opposed to liabilities.
The North American Phonograph Company failed, its principal creditor being Mr. Edison, who, having acquired the assets of the defunct concern, organized the National Phonograph Company, to which he turned over the patents; and with characteristic energy he attempted again to build up a business with which his favorite and, to him, most interesting invention might be successfully identified.- "Edison, His Life and Inventions", Frank Lewis Dyer and Thomas Commerford Martin.
He saw many a Light Weight with a gilt sign exposed on Main Street and no Assets except a Suit with a Velvet Collar, a pair of indestructible dancing Legs, and just enough intellectual Acumen to stir Tea without spilling it.- "Ade's Fables", George Ade.
- "Mars Confidential", Jack Lait Lee Mortimer.