Arizona § 44-1032 Assignment for the benefit of consenting creditors; effect; execution of release by creditors

Arizona Statutes

§ 44-1032 — Assignment for the benefit of consenting creditors; effect; execution of release by creditors

Arizona § 44-1032

Title 44Arizona Revised Statutes

Ch. 8TRANSACTIONS AND TRANSFERS AFFECTING THE INTEREST OF CREDITORS

Art. 3Assignments for the Benefit of Creditors

This text of Arizona § 44-1032 (Assignment for the benefit of consenting creditors; effect; execution of release by creditors) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 44-1032 (2026).

Text

Any debtor desiring to do so may make an assignment for the benefit of such of his creditors only as will consent to accept their proportional share of his estate, and discharge him from their respective claims. In such case the benefits of the assignment shall be limited and restricted to the creditors consenting thereto. The debtor shall thereupon be discharged from all further liability to the consenting creditors on account of their respective claims, and when paid they shall execute and deliver to the assignee, for the debtor, a release therefrom.

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Any debtor desiring to do so may make an assignment for the benefit of such of his creditors only as will consent to accept their proportional share of his estate, and discharge him from their respective claims. In such case the benefits of the assignment shall be limited and restricted to the creditors consenting thereto. The debtor shall thereupon be discharged from all further liability to the consenting creditors on account of their respective claims, and when paid they shall execute and deliver to the assignee, for the debtor, a release therefrom.