assignment for benefit of creditors

assignment for benefit of creditors
A general assignment for benefit of creditors is transfer of all or substantially all of debtor's property to another person in trust to collect any money owing to debtor, to sell property, to distribute the proceeds to his creditors and to return the surplus, if any, to debtor. Under Bankruptcy Act of 1898, such assignment was an "act of bankruptcy" if made within 4 months of bankruptcy. Bankruptcy Act (1898) No. 3a(4).

Black's law dictionary. . 1990.

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  • assignment for benefit of creditors — A voluntary transfer of a debtor s property into a trust to be used to pay creditors. The trustee collects any income owed the debtor, liquidates the debtor s property that has been transferred to the trust, and uses the money to pay the debtor s …   Law dictionary

  • assignment for benefit of creditors — A general assignment for benefit of creditors is transfer of all or substantially all of debtor s property to another person in trust to collect any money owing to debtor, to sell property, to distribute the proceeds to his creditors and to… …   Black's law dictionary

  • general assignment for benefit of creditors — A transfer of legal and equitable title to all debtor s property to trustee, with authority to liquidate debtor s affairs and distribute proceeds equitably to creditors. Central Fibre Products Co. v. Hardin, C.C.A.Tex., 82 F.2d 692, 694. See also …   Black's law dictionary

  • general assignment for benefit of creditors — A transfer of legal and equitable title to all debtor s property to trustee, with authority to liquidate debtor s affairs and distribute proceeds equitably to creditors. Central Fibre Products Co. v. Hardin, C.C.A.Tex., 82 F.2d 692, 694. See also …   Black's law dictionary

  • assignment for benefit of creditors —    A method of scheduling debt repayment by which a trustee receives directly a portion of a debtor s income and uses it to pay the debtor s bills. Compare garnishment …   Business law dictionary

  • general assignment for benefit of creditors — A conveyance by a debtor without consideration from the grantee of substantially all his property to a party in trust to collect the amount owing to him, to sell and convey the property, to distribute the proceeds of all the property among his… …   Ballentine's law dictionary

  • involuntary assignment for benefit of creditors — See involuntary assignment …   Ballentine's law dictionary

  • assignment for the benefit of creditors — see assignment Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • assignment — as·sign·ment n 1: the act of assigning 2 a: a position, post, or office to which one is assigned b: a task assigned 3: a present transfer of property or rights absolute assignment: an assignment in which the transfer is complete and leaves the… …   Law dictionary

  • assignment with preferences — An assignment for the benefit of creditors, with directions to the assignee to prefer a specified creditor or class of creditors, by paying their claims in full before the others receive any dividend, or in some other manner. More usually termed… …   Black's law dictionary

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