Uniform Assignment for Benefit of Creditors Act; creates a voluntary state law process for distressed organizations to liquidate assets and distribute proceeds to creditors

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Where it is in the process

Plain-English Summary

This bill creates the Uniform Assignment for Benefit of Creditors Act, offering a voluntary state process for financially troubled organizations or individuals to liquidate assets and pay creditors. It outlines the requirements for assignors and assignees, including their duties, powers, and how claims are handled and distributed. The act aims to provide an alternative to federal bankruptcy for entities located in or governed by the laws of this state, becoming effective on October 1, 2026.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

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