HB3588

Oklahoma HB3588 establishes the Uniform Assignment for Benefit of Creditors Act, governing assignments of assets for creditor benefit.

Oklahoma HB3588 creates the Uniform Assignment for Benefit of Creditors Act, detailing the process for assigning assets to benefit creditors. The act defines key terms such as "assignee," "assignor," and "assignment estate," and outlines the duties and powers of assignees. It specifies the order of priority for paying creditors, from secured claims to unsecured claims. The act also addresses the appointment of ancillary assignees for out-of-state matters, the effect of assignments under other laws, and the application of the act to assignments made on or after November 1, 2026.