Cal. CCP § 493.010
This is the official text of Cal. CCP § 493.010, part of California’s Code of Civil Procedure — sets the procedural rules for civil lawsuits in California courts, including filing deadlines, discovery, and judgments.
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Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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