An assignment is the transfer of property, or in this case, a chose in action. A chose in action is essentially a right to sue. It is an intangible personal property right recognized and protected by the law that has no existence apart from the recognition given by the law.
Wyoming General Assignment refers to the legal process by which a person or business transfers its assets, rights, and interests to a trustee, usually for the purpose of repaying debts or distributing assets among creditors. It is a type of assignment for the benefit of creditors (ABC) commonly used in Wyoming. In Wyoming, there are two main types of General Assignment: 1. Voluntary Wyoming General Assignment: This is initiated by the debtor voluntarily, when they recognize their financial difficulties and wish to liquidate their assets to pay off creditors. The debtor selects a trustee who then conducts an orderly liquidation process, selling the assets and distributing the proceeds to creditors based on a predetermined priority. 2. Involuntary Wyoming General Assignment: This type of assignment is forced upon the debtor by one or more creditors seeking repayment. Creditors file a petition with the court to appoint a trustee responsible for administering the assignment and ensuring fair distribution of the assets among all creditors. Keywords: Wyoming General Assignment, legal process, assets, rights, interests, trustee, debts, creditors, assignment for the benefit of creditors (ABC), voluntary, involuntary, liquidation, petition, court, debtor, repayment, priority.
Wyoming General Assignment refers to the legal process by which a person or business transfers its assets, rights, and interests to a trustee, usually for the purpose of repaying debts or distributing assets among creditors. It is a type of assignment for the benefit of creditors (ABC) commonly used in Wyoming. In Wyoming, there are two main types of General Assignment: 1. Voluntary Wyoming General Assignment: This is initiated by the debtor voluntarily, when they recognize their financial difficulties and wish to liquidate their assets to pay off creditors. The debtor selects a trustee who then conducts an orderly liquidation process, selling the assets and distributing the proceeds to creditors based on a predetermined priority. 2. Involuntary Wyoming General Assignment: This type of assignment is forced upon the debtor by one or more creditors seeking repayment. Creditors file a petition with the court to appoint a trustee responsible for administering the assignment and ensuring fair distribution of the assets among all creditors. Keywords: Wyoming General Assignment, legal process, assets, rights, interests, trustee, debts, creditors, assignment for the benefit of creditors (ABC), voluntary, involuntary, liquidation, petition, court, debtor, repayment, priority.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.