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Code · Arizona · Title 44 — State Government

44-1032. Assignment for the benefit of consenting creditors; effect; execution of release by creditors

92 words·~1 min read·/az/title-44/44-1032

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any debtor desiring to do so may make an assignment for the benefit of such of his creditors only as will consent to accept their proportional share of his estate, and discharge him from their respective claims. In such case the benefits of the assignment shall be limited and restricted to the creditors consenting thereto. The debtor shall thereupon be discharged from all further liability to the consenting creditors on account of their respective claims, and when paid they shall execute and deliver to the assignee, for the debtor, a release therefrom.
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