Delaware SB267 amends the Uniform Assignment for Benefit of Creditors Act to update definitions and clarify procedures for assignments.

Delaware SB267 amends Title 10 and Title 30 of the Delaware Code to update the Uniform Assignment for Benefit of Creditors Act. Key changes include redefining terms such as "affiliate," "claim," "organization," and "person." The bill clarifies duties of assignors and assignees, including the creation of a dollar-for-dollar reserve for disputed claims and the disallowance of certain reimbursement claims. It also outlines procedures for the Court of Chancery to remove assignees and the process for appointing successor assignees.

Delaware SB267 amends the Uniform Assignment for Benefit of Creditors Act to update definitions and clarify procedures for assignments.

Delaware SB267 amends Title 10 and Title 30 of the Delaware Code to update the Uniform Assignment for Benefit of Creditors Act. Key changes include redefining terms such as "affiliate," "claim," "organization," and "person." The bill clarifies duties of assignors and assignees, including the creation of a dollar-for-dollar reserve for disputed claims and the disallowance of certain reimbursement claims. It also outlines procedures for the Court of Chancery to remove assignees and the process for appointing successor assignees.