H.B. 382: Uniform Assignment for Benefit of Creditors Amendments

About this bill

Signed by the governor on March 23, 2026. This bill enacts the Uniform Assignment for Benefit of Creditors Act.

• Defines terms
• Establishes scope provisions, and eligibility requirements for assignors, assignees, and assignment agreements, including independence standards and fiduciary duties for assignees
• Establishes the legal effect of an assignment, filing and recording requirements, creditor notification procedures, and mandatory duties of both an assignor and an assignee throughout the administration of the assignment estate
• Establishes a process for submitting, allowing, disputing, and disallowing a creditor claim
• Establishes a comprehensive priority scheme for distributions from the assignment estate
• Grants an assignee defined powers to operate businesses, dispose of assets, pursue and defend claims, avoid certain transfers, and wind up the assignment, subject to fiduciary obligations and judicial oversight

Full bill page: steps, fiscal note and sponsors · Chief sponsor Jordan D. Teuscher