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Back to Forms for 'Assignments for Benefit of Creditors'.


ASSIGNMENT'S EFFECT FOR BENEFIT OF CREDITORS

ASSIGNMENT'S EFFECT FOR BENEFIT OF CREDITORS

 

The principal or agent may view any of the following acts as defaults under this agreement.  The principal or agent may choose to terminate the agreement on these grounds:

 

1.  If the other party makes an assignment that benefits their creditors, files bankruptcy, applies to any agency for a receiver or a trustee of any part of the party's property, begins reorganization, either now or in the future;

 

2.  If anyone brings an action or lawsuit against the other party and it remains unsettled for a period of __________ (30) days; or

 

3.  If the other party indicates consent to, or approval of, any proceeding of a trustee for the party, or suffers such receivership or trusteeship to continue unsettled for a period of __________ (30) days.

 

The principal or agent may view any of the following acts as defaults under this agreement.  The principal or agent may choose to terminate the agreement on these grounds:

 

1.  If the other party makes an assignment that benefits their creditors, files bankruptcy, applies to any agency for a receiver or a trustee of any part of the party's property, begins reorganization, either now or in the future;

 

2  If anyone brings an action or lawsuit against the other party and it remains unsettled for a period of __________ (30) days; or

 

3.  If the other party indicates consent to, or approval of, any proceeding of a trustee for the party, or suffers such receivership or trusteeship to continue Unsettled for a period of __________ (30) days.

 

 

 

________________________________

Signature

 

 

 

_______________________________

Signature

 



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