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