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general assignment
- It represents the voluntary transfer of all assets by a debtor for the purpose of equitable distribution to creditors
- The company, unable to meet its financial obligations, made a general assignment to settle with creditors.
- Through a general assignment, the debtor tried to ensure all creditors received fair payment.
- In order to address all his debts, the businessman decided to make a general assignment.
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General Assignment means the assignment of the Insurances, Earnings and Requisition Compensation of the Vessel to be executed by the Guarantor in such form as the Lender may approve or require; Sample 1 Sample 2. Based on 22 documents. Remove Advertising. General Assignment means, in relation to a Ship, the general assignment creating Security ...
A general assignment is one involving the transfer of all the debtor's property for the benefit of all his or her creditors. A partial assignment is one in which only part of a debtor's property is transferred to benefit all the creditors. When property is assigned to benefit only designated creditors, it is a special assignment.
Definition of "general assignment" It represents the voluntary transfer of all assets by a debtor for the purpose of equitable distribution to creditors ; How to use "general assignment" in a sentence. The company, unable to meet its financial obligations, made a general assignment to settle with creditors.