Okla. Stat. tit. 24, § 24-31
This is the official text of Okla. Stat. tit. 24, § 24-31, part of Oklahoma’s Stat. tit. 24, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 24,." Browse the sections below, each linked to its official government source.
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Allowable, when - Preference, effect of
Official statutory text
An insolvent debtor may, in good faith, execute an assignment of
property to one or more assignees, in trust towards the satisfaction
of his creditors, in conformity to the provisions of this chapter;
subject, however, to the provisions of the law relative to trusts
and to fraudulent transfers, and to the restrictions imposed by law
upon assignments by special partnerships, by corporations or by
other specified classes of persons: Provided, that such assignment
shall not be valid if it be upon or contain any trust or condition
by which any creditor is to receive a preference or priority over
any other creditor; but in such case the property of the insolvent
shall become a trust fund to be administered in equity, in the
district court, and shall inure to the benefit of all the creditors
in proportion to their respective claims or demands.
R.L. 1910, § 214.
property to one or more assignees, in trust towards the satisfaction
of his creditors, in conformity to the provisions of this chapter;
subject, however, to the provisions of the law relative to trusts
and to fraudulent transfers, and to the restrictions imposed by law
upon assignments by special partnerships, by corporations or by
other specified classes of persons: Provided, that such assignment
shall not be valid if it be upon or contain any trust or condition
by which any creditor is to receive a preference or priority over
any other creditor; but in such case the property of the insolvent
shall become a trust fund to be administered in equity, in the
district court, and shall inure to the benefit of all the creditors
in proportion to their respective claims or demands.
R.L. 1910, § 214.
Status: in_force · Read it on the official government site
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