Duhaime's Law Dictionary

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.


Always looking up definitions? Save time with our search provider (modern browsers only)

If you find an error or omission in Duhaime's Law Dictionary, or if you have suggestion for a legal term, we'd love to hear from you!