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Property is frequently defined as the rights of a person with respect to a thing. The difficulties with this definition have long plagued legal theorists. The same problem of definition occurs in non-Western societies as well. In Russia, for example, the word property (sobstvennost) can have various meanings.
Define asset: the property of a deceased person subject by law to the payment of his or her debts and legacies â asset in a sentence the property of a deceased person subject by law to the payment of his or her debts and legaciesâ¦