What is Assignment For Benefit Of Creditors?

Legal Definition
An assignment whereby a debtor, generally an insolvent, transfers to another his property, in trust to pay his debts or apply the property upon their payment. Van Patten v. Burr, 52 Iowa, 518, 3 N. W. 524.
-- Black's Law Dictionary
Legal Definition
A transfer of his property by a debtor to another for administration and distribution to his creditors. See 133 111. 45, 24 N. E. 74.
-- Ballentine's Law Dictionary