As soon as the assignee is elected or appointed and qualified, the clerk of the court shall, by an instrument under seal of the court, assign and convey to the assignee all the real and personal property, estate, and effects of the debtor with all his deeds, books, and papers relating thereto, and such assignment shall relate back to the commencement of the proceedings in insolvency, and shall relate back to the acts upon which the adjudication was founded, and by operation of law shall vest the title to all such property, estate, and effects in the assignee, although the same is then attached on mesne process, as the property of the debtor. Such assignment shall operate to vest in the assignee all of the estate of the insolvent debtor not exempt by law from execution. It shall also dissolve any attachment levied within one (1) month next preceding the commencement of the insolvency proceedings and vacate and set aside any judgment entered in any action commenced within thirty (30) days immediately prior to the commencement of insolvency proceedings any shall vacate and set aside any execution issued thereon and shall vacate and set aside any judgment entered by default or consent of the debtor within thirty (30) days immediately prior to the commencement of the insolvency proceedings.
SOURCE: CCP § 1322.