General Assignment
"This is an agreement that voluntarily transfers the property of a debtor to a third party (the "Assignee") for the settlement of past due obligations. Typically, this assignment is used in lieu of bankruptcy proceedings whereby the insolvent debtor transfers legal and equitable title, as well as custody and control of its property, to the Assignee, which is usually a trustee appointed in bankruptcy proceedings. This document should be used by trustees, creditors, or insolvent debtors to assign property in lieu of bankruptcy proceedings.
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