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Tex. Bus. & Com. Code § 23.02

NATURE AND EFFECT OF ASSIGNMENT

Applied in 1 court decision — leading case Barnes v. LPP Mortgage, Ltd. (2011)

Most recently applied in Barnes v. LPP Mortgage, Ltd. (July 2011)

Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.

(a) A debtor may assign his real and personal estate under this chapter to an assignee for the benefit of the debtor's creditors.

(b) An assigning debtor shall provide in the assignment for distribution of all his real and personal estate to each consenting creditor in proportion to each consenting creditor's claim.

(c) Regardless of an expression to the contrary, an assignment passes all an assigning debtor's real and personal estate to each consenting creditor in proportion to each consenting creditor's claim.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.