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Assignment For The Benefit
Of Creditors
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles
J Woelfel
(We recommend this as work of authority.)
The
action by which an individual or company (assignor) transfers legal title
to property to a trustee (assignee), who is empowered to administer and
liquidate the property and to distribute the proceeds to the creditors.
Such
an action is one of the acts of bankruptcy constituting grounds for the
involuntary petition in bankruptcy by creditors.
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