general assignment

Definition of "general assignment"
  1. It represents the voluntary transfer of all assets by a debtor for the purpose of equitable distribution to creditors
How to use "general assignment" in a sentence
  1. The company, unable to meet its financial obligations, made a general assignment to settle with creditors.
  2. Through a general assignment, the debtor tried to ensure all creditors received fair payment.
  3. In order to address all his debts, the businessman decided to make a general assignment.

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