Legal Assets in United States

Legal Assets Definition

Such property of a testator in the hands of his executor as is liable to debts in temporal courts, and to legacies in the spiritual by course of law. Equitable assets are such as are liable only by help of a court of equity. 2 Williams, Ex’rs, 1408-1431 (Am. Notes). No such distinction exists in Pennsylvania. 1 Ashm. (Pa.) 347. See Story, Eq. Jur. § 551; 2 Jarm. Wills, 543. (This definition of Legal Assets is based on The Cyclopedic Law Dictionary).

Corporate Receivership: Distribution of Assets

This section covers the following:

Nature of process and governing principles

Jurisdiction

Receiver’s authority

Partial and nal distributions

Settlement agreements

Eect of creditor’s suits

Bondholders

Bank receiverships

Liquidating dividends—Notice of intention to declare

Liquidating dividends —Participating claims

Setos

Refund of liquidating dividend

Actions to enforce rejected claims

Interest on claims

Interest on claims—Unsecured creditors

Interest on claims—Secret liens

Interest on claims—Unliquidated contingent claims

Interest on claims—Loans or advances

Interest on claims—Guarantors

Interest on claims—Partnership debts

Interest on claims —Tax liens

Interest on claims—Governing law

Interest on claims —Earnings and prots

Interest on claims—Shareholders

Priorities—Shareholders—Creditor status

Priorities—Shareholders —Preferred shareholders

Priorities—Judgment and secured creditors

Priorities —Mortgage holders

Priorities —Administration expenses of receivership

Priorities —Administration expenses of receivership —Compensation of receivers

Priorities —Attorneys’ fees

Priorities —Trust funds

Priorities —Statutory liens

Priorities —Statutory liens —Wage claims

Priorities —Postponement of claim for fraud

Priorities —Operating expenses of private corporations

Priorities —Operating expenses of private corporations —Consent of lienholders

Priorities —Operating expenses of private corporations —Expenses entitled to priority

Priorities —Operating expenses of railroads and other quasi-public corporations

Priorities —Operating expenses of railroads and other quasi-public corporations —Creditors subject to subordination

Priorities —Operating expenses of railroads and other quasi-public corporations —Quasi-public corporations

Priorities —Operating expenses of railroads and other quasi-public corporations —Diversion of earnings, necessity of payment and other equitable grounds

Priorities —Operating expenses of railroads and other quasi-public corporations —Six month rule

Priorities —Adjudication and determination