A bill for an act providing for an assignment of assets for the benefit of creditors, exempting the related tax on the transfer of real estate, and including effective date provisions.

Summary

The bill establishes a Uniform Assignment for Benefit of Creditors Act that lets a debtor transfer all of their assets to an independent assignee so creditors can be paid. It applies to individuals and organizations based in Iowa and requires the assignee to be unrelated to the debtor. The act also exempts the transfer of real‑estate from the usual tax, making the process less costly.

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