SB 949
Creating Uniform Assignment for Benefit of Creditors Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill establishes the Uniform Assignment for Benefit of Creditors Act in West Virginia, aiming to create a standardized process for assigning assets to creditors. It outlines requirements for assignment agreements, filing procedures, notification to creditors, and the duties of both assignors and assignees. The act also clarifies the rights of transferees, distributions of assets, and liability related to the assignment process, including provisions for disputes and winding up the assignment.
Key provisions
- Establishes requirements for assignment agreements, including details about the assignor, assignee, and the assets being transferred.
- Requires notification to creditors regarding assignments and establishes a timeframe for submitting claims.
- Defines the duties of assignors and assignees, including responsibilities for preserving assets and providing information.
- Clarifies the process for disputing claims and disallowing claims that are not valid.
- Outlines the order of priority for distributions of assets to creditors.
- Addresses the rights of transferees of assigned assets.
- Establishes procedures for winding up an assignment and resolving interstate matters.
- Creates liability provisions for assignors and assignees, including limitations and exceptions.
Who is affected
- Businesses operating in West Virginia
- Creditors in West Virginia
- Assignors (individuals and businesses)
- Assignees (individuals and businesses)
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