Written by attorneys · grounded in primary & secondary sources — see below
An item of value that is owned by a person or entity. Ownership confers rights to use, transfer, or pledge the item to satisfy obligations.
Sources & Authorities· 40 primary sources
Select any source to read its text and confirm it supports the definition.
Cases
Statutes
How it applies
Common Examples
6
Buyer Bears Loss on Destroyed Land
Adrian Aguilar signed a binding contract to purchase a warehouse from Alliance Holdings. Before closing a fire destroyed the building. Equity treats the warehouse as Adrian's asset from contract formation onward so he must pay the full price despite the loss.
Due Process Protects Property Interests
Antonio Alvarado owned equipment seized by the state without notice or hearing. The equipment constitutes an asset in which Antonio holds a protected interest so the government must afford due process before permanent deprivation.
Lawyer Safeguards Client Funds
Artemis Logistics delivered settlement proceeds to its counsel. The lawyer must deposit the funds into a separate trust account and treat them as the client's asset rather than the firm's own property.
Aisha Ahmed leased an apartment from Argonaut Shipping that lacked working heat on the lease start date. The apartment is the tenant's asset for residential use so the landlord's failure to deliver suitable property constitutes a breach.
Nuisance Requires Significant Harm
Amber Alonzo's neighboring factory emitted odors that damaged Ariana Azizi's inventory stored in an adjacent warehouse. The inventory is an asset whose value was reduced so Ariana may recover only upon proof of significant harm to property in normal condition.
Veil Piercing Reaches Corporate Assets
Adam Anderson commingled personal funds with those of Astra Aerospace and used the company to avoid personal debts. The corporation's assets are treated as Adam's own so creditors may reach them once the alter-ego test is satisfied.
Common questions
Frequently Asked
3
How does a child's trust distribution count as a financial resource in support calculations?+
Courts treat mandatory yearly distributions from a trust as part of the child's own financial resources when setting support. The inaccessible principal is not counted as currently available.
Does a child's separate earnings reduce a parent's support obligation?+
A teenager's app income deposited into a custodial account is considered the child's financial resource and may justify a reduction in the amount of support ordered.
When may a court disregard marital misconduct in allocating support?+
Support determinations focus on the child's needs and all parties' resources rather than fault in ending the marriage.
410 U.S. 113 (1973)Constitutional Law
…Similarly, unborn children have been recognized as acquiring rights or interests by way of inheritance or other devolution of property, and have been represented by guardians ad litem. [^maj-66] Perfection of the interests involved, again, has generally been contingent upon live birth. In short, the unborn have never been…