ASSIGNEE FOR THE BENEFIT OF CREDITORS - Black's Law Dictionary

What is ASSIGNEE FOR THE BENEFIT OF CREDITORS? Definition of ASSIGNEE FOR THE BENEFIT OF CREDITORS in Black's Law Dictionary

One to whom, under an insolvent or bankrupt law, the whole estate of a debtor is transferred to be administered for the benefit of creditors; he is a trustee for the creditors who stands in the shoes of an assignor, and can assert no claim to property which assignor could not. Slater v. Oriental Mills, 18 R.I. 352, 27 A. 443, 444; Textor v. Orr, 86 Md. 392, 38 A. 939, 940.

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