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 creditors. The debtor receives any money left over once all debts are paid.
Category: Bankruptcy, Foreclosure & Debt

Nolo’s Plain-English Law Dictionary. . 2009.


assignment for benefit of creditors
The voluntary transfer of all or most of a debtor's property to another person in trust so that he or she will collect any money that is owed to the debtor, sell the debtor's property, and apply the money received to the payment of the debts, returning any surplus to the debtor.

Dictionary from West's Encyclopedia of American Law. 2005.


assignment for benefit of creditors
The voluntary transfer of all or most of a debtor's property to another person in trust so that he or she will collect any money that is owed to the debtor, sell the debtor's property, and apply the money received to the payment of the debts, returning any surplus to the debtor.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

assignment for benefit of creditors
n.
   a method used for a debtor to work out a payment schedule to his/her creditors through a trustee who receives directly a portion of the debtor's income on a regular basis to pay the debtor's bills.

Law dictionary. . 2013.

Look at other dictionaries:

  • 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 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 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

  • 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

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