Asset Definition: A thing of value. In 369413 v Pockington, Justice Fruman of the Alberta Court of Apeal adopted these words to define an asset: "A thing of use or value." Assets are readily divided into real assets (real property) and personal assets (personal property or chattels) and incorporeal assets such as intellectual property. In law, the term assets is often used to refer to the property owned by a debtor and which might be available to liquidate in order to enforce a money judgment against the debtor. REFERENCES: 369413 Alberta Ltd. v Pocklington 2000 ABCA 307; also at 271 AR 280; 194 DLR 4th 109; (2001) 4 WWR 423; 12 BLR 3d 147; 88 Alta. LR 3d 209 and 2000 AJ 1350 Find you are constantly looking up definitions? Try our search provider (works in most modern browsers) If you find an error or omission in Duhaime's Legal Dictionary, or if you have legal term suggestion, we'd love to hear from you!