equitable asset

Definition of "equitable asset"
  1. A property or resource in a financial estate that can be applied toward the payment of outstanding debts, but this is only permissible within the judicial proceedings of a court specializing in equity matters
How to use "equitable asset" in a sentence
  1. The judge ruled that the lake house was an equitable asset and could be used to settle the unpaid debts.
  2. Upon investigating further, the attorneys found an equitable asset that might help to clear the accumulating financial obligations.
  3. The accountant's discovery of an equitable asset brought relief, as it could be allocated towards the pending debts under equity court procedures.

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