Assignment for the benefit of creditors Flashcards
1
Q
ABC
A
alternative to bk
2
Q
debtor assigns all non-exempt property to
A
an assignee sells assets and distributes to creditors
3
Q
procedure
A
starts with a deed of assignment; notifies creditors at least 10 days before sale; creditors have right to object
4
Q
mechanics liens
A
stat. lien for labor and services
5
Q
procedure
A
file with clerk of court within 90 days of end of month
6
Q
claimant must
A
certify and send to owner
amount of lien can never exceed the amount owed
7
Q
lien has to be enforced within
A
60 days or within 6 months of memorandum
