Title 6 Chapter 1 Section 3

Assignment for Benefit of Creditors
General Provisions Relating to Assignment for Benefit of Creditors
Section 3
Assignment to be written -- Contents -- Recording.


6-1-3.   Assignment to be written -- Contents -- Recording.

            Every such assignment shall be by an instrument in writing, setting forth the name of the assignor, his residence and business, the name of the assignee and his residence and business, and in a general way describing the property assigned with its location, and stating the purpose of the assignment. It shall be executed and acknowledged in the manner prescribed for the execution and acknowledgment of deeds, and recorded in the office of the recorder of the county where the property assigned is located. The assignor shall annex to such instrument an inventory, under oath, of his estate, real and personal, according to the best of his knowledge, and a list of his creditors and the amount of their respective demands; but such inventory is not conclusive as to the amount of the debtor's estate, and such assignment shall vest in the assignee the title to any other property belonging to the debtor at the time of making the assignment, except property exempt from execution and insurance upon the life of the assignor, unless the instrument mentions such exempt property and insurance and declares an intention of the assignor that they shall pass thereby. As soon as such instrument is recorded it shall be filed, with the inventory and list of creditors, in the office of the clerk of the district court of the county in which the property so assigned is located; as shall all subsequent papers connected with such proceedings.

Amended by Chapter 378, 2010 General Session