Etymology
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liquid (adj.)

late 14c., "flowing, capable of flowing; neither solid nor gaseous," from Old French liquide "liquid, running" (13c.), from Latin liquidus "fluid, liquid, moist," figuratively "flowing, continuing," also of sounds and voices, from liquere "be fluid," related to liqui "to melt, flow," from PIE *wleik- "to flow, run."

In English, of sounds from 1630s. Financial sense of "capable of being converted to cash" is first recorded 1818, from earlier use in Scots Law (17c.) in reference to debts that had been proved (in court, etc.).

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assets (n.)

1530s, "sufficient estate," from Anglo-French assetz, asetz (singular), from Old French assez "sufficiency, satisfaction; compensation" (11c.), noun use of adverb meaning "enough, sufficiently; very much, a great deal," from Vulgar Latin *ad satis "to sufficiency," from Latin ad "to" (see ad-) + satis "enough" (from PIE root *sa- "to satisfy").

At first a legal word meaning "sufficient estate" (to satisfy debts and legacies), it passed into a general sense of "property," especially "any property that theoretically can be converted to ready money" by 1580s. The figurative use from 1670s. Asset is a 19c. artificial singular. Corporate asset stripping is attested from 1972.

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liquid (n.)

"a liquid substance," 1708, from liquid (adj.). Earlier it meant "sound of a liquid consonant" (1520s), following Latin liquidae, Greek hygra, applied to letters of an easy, "flowing" sound.

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asset (n.)

a 19c. artificial singular of assets (q.v.).

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liquidation (n.)

1570s, in law, of debts, noun of action from past-participle stem of Late Latin liquidare "melt, make liquid" (see liquidate). Originally as a legal term in reference to assets; of companies going out of business, 1869; of inconvenient groups of persons, "a killing, a wiping out," 1925 in communist writings. In O. Henry, "the act of taking a drink of liquor."

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capitalize (v.)

"write or print in capital letters," 1764, from capital (n.1) + -ize. The meaning "convert (assets) to capital" is recorded from 1868, from capital (n.2). Related: Capitalized; capitalizing.

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capitalization (n.)

1860, "act of converting (assets) to capital," noun of action from capitalize in the financial sense. The meaning "act of writing or printing in capital letters" is recorded from 1847, from the writing sense.

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liquescent (adj.)

"having a tendency to become liquid," 1727, from Latin liquescentem (nominative liquescens), present participle of liquescere "to melt," from liquere "to be liquid" (see liquid (adj.)) Related: Liquescency (1650s).

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frozen (adj.)

mid-14c., "congealed by cold; turned to or covered with ice," past-participle adjective from freeze (v.). Figurative use is from 1570s. Of assets, bank accounts, etc., from 1922.

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billionaire (n.)

"person with assets worth a billion in the standard coin of the country," 1844, American English, from billion on model of millionaire. Marked "[Rare.]" in Century Dictionary (1902). The first in the U.S. likely was John D. Rockefeller, some time after World War I.

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