Legal Definitions - frozen asset

Definition: A frozen asset is an item that has value but is difficult to convert into cash due to a court order or legal process.

• A bank account that has been frozen by a court order.
• A property that has a lien on it, making it difficult to sell.
• A business that has been seized by the government, making it impossible to access its assets.

These examples illustrate how a frozen asset can be a valuable item that is temporarily inaccessible due to legal restrictions. This can be a problem for individuals or businesses that need to access their assets to pay bills or debts.