Cal. Civ. Proc. Code § 493.010

Effect of Bankruptcy Proceedings and General Assignments for the Benefit of Creditors

Known as the The Attachment Law

The act spans §§ 481–493 (195 sections).

Applied in 1 court decision — leading case Sherwood Partners, Inc. v. Lycos, Inc. (2005)

Most recently applied in Sherwood Partners, Inc. v. Lycos, Inc. (January 2005)

Amended by Stats. 1982, Ch. 1198, Sec. 61

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.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.