Statute · California Code of Civil Procedure
Cal. Civ. Proc. Code § 493.010 — Effect of Bankruptcy Proceedings and General Assignments for the Benefit of Creditors
Cal. Civ. Proc. Code § 493.010
- Type
- Statute
- Source
- California Code of Civil Procedure
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
As used in this chapter, “general assignment for the benefit of creditors” means an assignment which satisfies all of the following requirements:
Citator
Cal. Civ. Proc. Code § 493.010 — Effect of Bankruptcy Proceedings and General Assignments for the Benefit of Creditors is in force in the current edition of the Code, and nothing recorded condemns it.
As used in this chapter, “general assignment for the benefit of creditors” means an assignment which satisfies all of the following requirements:
(a) The assignment is an assignment of all the defendant’s assets that are transferable and not exempt from enforcement of a money judgment.
(b) The assignment is for the benefit of all the defendant’s creditors.
(c) The assignment does not itself create a preference of one creditor or class of creditors over any other creditor or class of creditors, but the assignment may recognize the existence of preferences to which creditors are otherwise entitled.