If an assigning debtor makes an assignment, he is discharged from liability on the claim of a consenting creditor unless the consenting creditor does not receive at least one-third of the amount allowed on his claim against the assigned estate.
Tex. Bus. & Com. Code § 23.10
ASSIGNMENT DISCHARGES DEBTOR
Applied in 1 court decision — leading case United States Gypsum Company v. Sampson (1973)
Most recently applied in United States Gypsum Company v. Sampson (June 1973)
Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.