DE SB267

Establishes the Uniform Assignment for Benefit of Creditors Act as a new Chapter 73A in Title 10 of the Delaware Code, providing a standardized legal framework for insolvent businesses to transfer all assets to an assignee for orderly liquidation and distribution to creditors.

Applies to organizations with principal place of business in Delaware, entities governed by Delaware law, Delaware residents, and certain wholly-owned subsidiaries, but explicitly excludes banks and insurers from serving as assignors.

Requires assignees to be independent parties with no creditor, affiliate, or insider relationship to the assignor, and prohibits those with material financial interests or equity holdings in the assignor from serving as assignee.

Mandates that assignment agreements be in writing, signed by both parties, and include detailed asset descriptions, distribution provisions, fee disclosures, and a sworn representation that all assets are being assigned.

Establishes procedures for filing financing statements, recording real property transfers, and provides that assignees obtain the assignor's rights and interests in assigned assets while taking them subject to existing third-party interests.