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. 2015.

Look at other dictionaries:

  • 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 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 for the benefit of creditors — 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 …   Ballentine's 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 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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