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
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