California Code of Civil Procedure 493.010 – As used in this chapter, “general assignment for the benefit of …
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As used in this chapter, “general assignment for the benefit of creditors” means an assignment which satisfies all of the following requirements:
(a) The assignment is an assignment of all the defendant‘s assets that are transferable and not exempt from enforcement of a money judgment.
Terms Used In California Code of Civil Procedure 493.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
(b) The assignment is for the benefit of all the defendant’s creditors.
(c) The assignment does not itself create a preference of one creditor or class of creditors over any other creditor or class of creditors, but the assignment may recognize the existence of preferences to which creditors are otherwise entitled.
(Amended by Stats. 1982, Ch. 1198, Sec. 61. Operative July 1, 1983, by Sec. 70 of Ch. 1198.)