Asset

What asset means

In short, asset is a term you will meet in court papers, rules and legal research. The definition above gives its usual meaning in American civil practice. However, the exact meaning can depend on the rule, statute or court decision that uses it. So it helps to read the term in context.

Where asset comes up

The term is used across many kinds of cases. For example, you may see it in pleadings, motions and court orders. To see it in context, browse the motions and procedures library or the Learn the Law topics.

How to research the term

Start with the primary source. For example, if asset appears in a federal rule, read the rule itself and its official notes. After that, check your court’s local rules and any standing orders from the judge. In addition, search recent decisions from your own state or federal district. They show how courts read asset in practice. Because state rules often differ, our state procedures guide links to each state’s official rules. Above all, make sure the version you read is still in force.

You can read the current federal court rules online for free.

Related legal terms

• Appellee: the party responding to an appeal.
• Application: a formal request.
• Arbitration: a process in which a neutral arbitrator decides a dispute outside court, usually under an agreement of the parties.
• Artificial person: an entity, such as a corporation, that the law treats as a person with its own rights and duties, separate from the people who form or own it. Also called a juristic or juridical person.

Why precise terms matter

Courts read legal terms closely. As a result, knowing the exact meaning of a word helps you follow orders, rules and filings. Each glossary entry on Lawtopolis is short on purpose and links to the pages where the term is used.