Plain English Breakdown
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
AN ACT TO AMEND TITLE 10 AND TITLE 30 OF THE DELAWARE CODE RELATING TO THE UNIFORM ASSIGNMENT FOR BENEFIT OF CREDITORS ACT.
AN ACT TO AMEND TITLE 10 AND TITLE 30 OF THE DELAWARE CODE RELATING TO THE UNIFORM ASSIGNMENT FOR BENEFIT OF CREDITORS ACT.
What This Bill Does
- AN ACT TO AMEND TITLE 10 AND TITLE 30 OF THE DELAWARE CODE RELATING TO THE UNIFORM ASSIGNMENT FOR BENEFIT OF CREDITORS ACT.
- With only minor modifications consistent with Delaware law and practice, this Act adopts the Uniform Assignment for Benefit of Creditors Act (the “Uniform Act”), authored by the Uniform Law Commission.
- The Uniform Law Commission “provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.” The Uniform Act was approved by the Uniform Law Commission in October 2025 and, as of March 2026, has been enacted in Nebraska and Utah and introduced in Alabama, Arizona, Colorado, Iowa, and Oklahoma.
- Because this Act adopts the Uniform Act with only minor modifications, the “Comments” to the Uniform Act may be deemed to be persuasive authority in interpreting this Act; provided, however, that the second and third sentences of the Comment to Section 2 of the Uniform Act shall instead be deemed to read as follows: “If an asset is not assignable by its terms or under other law, that asset is not part of
Limits and Unknowns
- This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.