A bill for an act providing for an assignment of assets for the benefit of creditors, exempting the related tax on the transfer of real estate, and including effective date provisions.(See SF 2497.)

This bill establishes the Uniform Assignment for Benefit of Creditors Act, providing a legal framework for individuals or organizations to transfer their assets to a third party (assignee) to pay off debts. It outlines the duties and powers of the assignor and assignee, the process for creditors to file claims, and the order in which creditors will be paid. The act also exempts these asset transfers from real estate transfer tax and takes effect on January 1, 2027.

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