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The Law of Assignments

There is now no bankruptcy law in the United States. The third and last bankrupt law was passed March 2, 1867, and was repealed May 11, 1878. An act of assignment is a voluntary absolute transfer of a debtor's property in trust to be distributed among all of his creditors, and once made it cannot be revoked or modified. The assignment absolutely gives to the assignee the legal and equitable title to the property assigned, but the creditors receive no title to it. An assignment that conveys only a portion of the debtor's property and provides for only a part of the creditors may be valid, but if it is partial it is rendered void.