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Commission approves introduction of Assignment for Benefits of Creditors Act; sponsors report no opposition
Summary
The commission finalized the Uniform Assignment for Benefits of Creditors Act for introduction after sponsors said they encountered no opposition and chose a 120-day period in the draft; the item will be introduced in the legislature.
Madam Chair introduced agenda item 1C, the Uniform Assignment for Benefits of Creditors Act. Commissioner Schneider, identified as the Senate sponsor, told the commission he had encountered no opposition and described the Act as voluntary and a less costly alternative to traditional bankruptcy.
Commissioner Espinosa noted a drafting choice: the draft provides a time window the sponsors could set between 90 and 210 days; she and Commissioner Snyder agreed on 120 days as the reasonable period for the bill. With no objections from commissioners present, the chair said the bill was "ready to go" for finalization and introduction.
Next steps: the commission finalized the act for introduction and sponsors will carry the bill in the upcoming legislative filing period.
