A bill for an act providing for an assignment of assets for the benefit of creditors, exempting the related tax on the transfer of real estate, and including effective date provisions.

This bill establishes a new legal process in Iowa called an "assignment for the benefit of creditors," allowing individuals and organizations to voluntarily transfer all their assets to a third party who will distribute them to pay off debts. The law applies to businesses and individuals with a primary connection to the state, such as a principal place of business or residence, and defines key terms like "assets," "creditors," and "insiders" to guide how the process works. A significant provision of the bill is the exemption from real estate transfer taxes on properties sold as part of this asset assignment, which helps reduce costs for those going through the procedure. By adopting this uniform act, Iowa provides a structured alternative to bankruptcy for resolving financial obligations while protecting certain exempt assets and ensuring fair treatment of creditors.