The proposed bill establishes the "Uniform Assignment for Benefit of Creditors Act," which provides a comprehensive legal framework for assignments made by debtors to benefit their creditors. It defines essential terms such as "assignor," "assignee," and "assigned asset," and sets forth requirements for assignment agreements, including the necessity for a signed record and detailed asset descriptions. The bill emphasizes the fiduciary duties of the assignee, mandating that they act in good faith and avoid conflicts of interest with the assignor. It also outlines the rights and responsibilities of both parties in managing the assigned assets, as well as the process for creditors to submit claims against the assignment estate.

Additionally, the bill introduces new sections to the Oklahoma Statutes that detail the administration of assignment estates, including the order of priority for paying claims and provisions for pro rata distributions when assets are insufficient. It clarifies the enforceability of subordination agreements and limits the liability of assignees and assignors, except in cases of gross negligence or bad faith. The bill allows for the removal of an assignee by a district court under specific conditions and mandates final accountings to creditors. Set to take effect on November 1, 2026, the act aims to promote uniformity in the law across states that adopt similar provisions.