This bill proposes the adoption of the Uniform Assignment for Benefit of Creditors Act in Nebraska, establishing a structured framework for individuals or organizations to assign assets for the benefit of their creditors. It includes comprehensive definitions of key terms and outlines the requirements for assignment agreements, emphasizing the necessity for written consent from both the assignor and assignee. The bill also introduces new provisions detailing the responsibilities of assignors and assignees, including the duty of the assignor to facilitate asset administration and the fiduciary responsibilities of the assignee to act in the best interests of the creditors. Additionally, it provides an exemption from the documentary stamp tax for these assignments and sets forth the process for creditors to submit claims.

The bill further enhances the Uniform Assignment for Benefit of Creditors Act by clarifying the roles of creditors and assignees, including the establishment of a creditor's consent to court jurisdiction upon submitting a proof of claim. It specifies the order of priority for claims against the assignment estate, addresses the liability of assignees, and outlines the process for asset disposition. Moreover, it amends existing tax law to include a new exemption for assignments under this Act and ensures that assignments made in other states are recognized if they yield similar results. The bill also includes a severability provision and repeals the original section 76-902 of the Revised Statutes Supplement, 2025, to streamline the legal framework surrounding assignments.

Statutes affected:
Introduced: 76-902