assignment for the benefit of creditors
- assignment for the benefit of creditors
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An assignment and transfer by a debtor, without consideration paid by the grantee, of substantially all the assignor's property, corporeal and incorporeal, to a person in trust to collect the amounts owing on obligations due the assignor, to sell and convey the
property, to distribute the net proceeds of all the collections, sales, and conveyances among the creditors of the assignor, and to return the surplus, if any, to the assignor. 6 Am J2d Assign for Crs § 1.
Ballentine's law dictionary.
Anderson, W.S..
1998.
Look at other dictionaries:
assignment for the benefit of creditors — see assignment Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
assignee for the benefit of creditors — The person, firm or corporation to whom or to which an assignment for creditors is made. 6 Am J2d Assign for Crs § 89 … Ballentine's 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 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 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
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
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
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
Assignment — As*sign ment, n. [LL. assignamentum: cf. OF. assenement.] 1. An allotting or an appointment to a particular person or use; or for a particular time, as of a cause or causes in court. [1913 Webster] 2. (Law) (a) A transfer of title or interest by… … The Collaborative International Dictionary of English
Assignment of dower — Assignment As*sign ment, n. [LL. assignamentum: cf. OF. assenement.] 1. An allotting or an appointment to a particular person or use; or for a particular time, as of a cause or causes in court. [1913 Webster] 2. (Law) (a) A transfer of title or… … The Collaborative International Dictionary of English
