PART 2. OF CIVIL ACTIONS 307-1062.20›TITLE 6.5. ATTACHMENT 481.010-493.060›CHAPTER 13. Effect of Bankruptcy Proceedings and General Assignments for the Benefit of Creditors 493.010-493.060
§ 493.010
California Code of Civil Procedure · 2020-11 edition · updated 2026-10-04 · California
As used in this chapter, “general assignment for the benefit of creditors” means an assignment which satisfies all of the following requirements:
(a) The assignment is an assignment of all the defendant’s assets that are transferable and not exempt from enforcement of a money judgment.
(b) The assignment is for the benefit of all the defendant’s creditors.
(c) The assignment does not itself create a preference of one creditor or class of creditors over any other creditor or class of creditors, but the assignment may recognize the existence of preferences to which creditors are otherwise entitled.
(Amended by Stats. 1982, Ch. 1198, Sec. 61. Operative July 1, 1983, by Sec. 70 of Ch. 1198.)
Get a plain-English answer with a citation back to this text.
Ask AI about this code