1. A detailed list of assets; esp., an executor’s or administrator’s detailed list of the probate-estate assets (make an inventory of the estate). ? The term also sometimes denotes a divorcing spouse’s detailed list of all his or her marital and separate assets and liabilities.
¡ª Also termed inventory and appraisement. See PROBATE ESTATE; ACCOUNTING. [Cases: Executors and Administrators 62¨C73. C.J.S. Executors and Administrators ¡ì¡ì 152¨C162.]
2. Accounting. The portion of a financial statement reflecting the value of a business’s raw materials, works-in-progress, and finished products (the company’s reported inventory was suspiciously low).
3. Raw materials or goods in stock (the dealership held a sale to clear out its October inventory).
4. Bankruptcy. Personal property leased or furnished, held for sale or lease, or to be furnished under a contract for service; raw materials, work in process, or materials used or consumed in a business, including farm products such as crops or livestock (the debtor was found to have inventory that was valued at $300,000). ¡ª inventory, vb.
¡°Section 547 itself defines ¡®inventory¡¯ and ¡®receivable.¡¯ Do not use the U.C.C. definitions of these terms, or the definitions of them learned in business law classes. It is especially important to note that, for purposes of section 547, ¡®inventory¡¯ includes ¡®farm products such as crops or livestock¡¯ ….¡± David G. Epstein et al., Bankruptcy ¡ì 6-35, at 351 (1993).