Debtors and creditors; Uniform Assignment for Benefit of Creditors Act; effective date.

Summary

The bill creates a new Oklahoma statute that sets uniform rules for assignments of a debtor's assets to an assignee for the benefit of the debtor's creditors. It defines key terms, requires recording of assignment agreements, and imposes fiduciary duties on assignees. The goal is to provide clearer procedures and protections for both debtors and creditors during insolvency transactions.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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