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 statewide framework for "assignment for the benefit of creditors" (ABC), allowing debtors to transfer assets to an independent assignee who liquidates them for creditors. It sets eligibility, duties, notice, claim handling, and distribution rules, and removes the real‑estate transfer tax on such assignments. The law applies to individuals and businesses in Iowa and takes effect on Jan. 1, 2027.

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