VOLUNTARY ASSIGNMENT

An assignment for the benefit of his creditors made by a debtor voluntarily ; as distinguished from a compulsory assignment which takes place by operation of law in proceedings in. bankruptcy or insolvency. Presumably it means an assignment of a debtor’s property in trust to pay his debts generally, in distinction from a transfer of property to a particular creditor in payment of his demand, or to a conveyance by way of collateral security or mortgage. Dias v. Bouchaud, 10 Paige. (N. Y.) 445.

More On This Topic



Link to This Definition
Did you find this definition of VOLUNTARY ASSIGNMENT helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary