Delaware SB267 amends the Uniform Assignment for Benefit of Creditors Act to update definitions and clarify procedures for assignments.
Delaware SB267 amends the Uniform Assignment for Benefit of Creditors Act by updating definitions and clarifying procedures for assignments. The bill modifies definitions for terms such as "assignee," "assignment," and "assignment agreement." It also outlines the duties of assignors and assignees, including the assignee's fiduciary duties and powers. The bill specifies the process for removing an assignee and appointing a successor, and it details the procedures for handling claims, including the creation of a list of creditors and the treatment of late-filed proofs of claim.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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