UT HB0382

Enacts the Uniform Assignment for Benefit of Creditors Act, replacing Utah's existing assignment for benefit of creditors code (repealing Sections 6-1-1 through 6-1-20)

Establishes eligibility requirements for assignees, who must be independent parties with no financial interest in the outcome, no affiliation with the assignor or creditors, and no claims against the assignment estate other than fees

Creates a comprehensive claims process requiring creditors to submit proofs of claim within 90-210 days of the assignment agreement's effective date, with procedures for disputing and disallowing claims

Sets distribution priorities: secured creditors first, then administrative costs, federal priority claims, wage claims (earned within 180 days before assignment), and finally unsecured creditors on a pro rata basis

Takes effect May 6, 2026, and applies only to assignments made on or after that date