Texas Statutes (Last Updated: January 4, 2014) |
BUSINESS AND COMMERCE CODE |
Title 3. INSOLVENCY, FRAUDULENT TRANSFERS, AND FRAUD |
Chapter 23. ASSIGNMENTS FOR THE BENEFIT OF CREDITORS |
Subchapter B. THE ASSIGNMENT |
Sec. 23.10. ASSIGNMENT DISCHARGES DEBTOR
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If an assigning debtor makes an assignment, he is discharged from liability on the claim of a consenting creditor unless the consenting creditor does not receive at least one-third of the amount allowed on his claim against the assigned estate.
Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.