Section 12 – Time for disposing of property.
6-1-12. Time for disposing of property. The assignee shall dispose of all personal property and divide the proceeds of the same among the creditors as they may be entitled thereto within six months from the date of the assignment, unless further time is given for good cause by the court, and shall dispose of real […]
Section 1 – Insolvent debtor may assign.
6-1-1. Insolvent debtor may assign. An insolvent debtor may, in good faith, execute an assignment of property to one or more assignees in trust for the benefit of creditors in conformity with the provisions of this title. No Change Since 1953
Section 2 – When assignment void.
6-1-2. When assignment void. An assignment for the benefit of creditors is void against any creditor of the assignor not assenting thereto in the following cases: (1) if it gives a preference dependent upon any condition or contingency, or with any power of revocation reserved; (2) if it tends to coerce any creditor to release […]
Section 3 – Assignment to be written — Contents — Recording.
6-1-3. Assignment to be written — Contents — Recording. Every such assignment shall be by an instrument in writing, setting forth the name of the assignor, his residence and business, the name of the assignee and his residence and business, and in a general way describing the property assigned with its location, and stating the […]
Section 4 – Inventory — Bond.
6-1-4. Inventory — Bond. The assignee shall forthwith file with the clerk of the district court of the county where the property assigned is located a true and full inventory and valuation of said estate, under oath, so far as the same has come to his knowledge, and shall then enter into bonds to the […]
Section 5 – Notice of assignment.
6-1-5. Notice of assignment. The assignee shall forthwith give notice of such assignment: (1) (a) by publication once a week for six weeks: (i) in a newspaper published in the county; or (ii) if there is not a newspaper as described in Subsection (1)(a)(i), in a newspaper of general circulation in the county; and (b) […]
Section 6 – Claims to be filed.
6-1-6. Claims to be filed. The claims of all creditors, clearly and distinctly stated and sworn to by the claimant, or by some person acquainted with the facts, shall be filed with the assignee within three months of the date of the first publication provided for in the preceding section, unless the court extends such […]
Section 7 – Assignee to make report.
6-1-7. Assignee to make report. At the expiration of three months from the time of first publishing notice the assignee shall report and file with the clerk of the court a true and full list, under oath, of all such creditors of the assignor as shall have claimed to be such, with a statement of […]
Section 8 – Objections to claims — Hearing.
6-1-8. Objections to claims — Hearing. Any person interested may appear within one month after such report is filed and contest the claim or demand of any creditor by written exceptions thereto filed with the clerk, who shall forthwith cause notice thereof to be given to the creditor, which shall be served as in case […]
Section 9 – Taxes to be paid.
6-1-9. Taxes to be paid. In all assignments of property for the benefit of creditors, assessments and taxes levied thereon either under the laws of the state or ordinances of municipal corporations shall be entitled to priority, and paid in full by the assignee, and claims therefor need not be filed with him. Amended by […]