Oklahoma legislation · 2026 Regular Session
Oklahoma HB3588: Debtors and creditors; Uniform Assignment for Benefit of Creditors Act; effective date.
Status: In committee, April 1, 2026
What the bill says
An Act relating to debtors and creditors; creating the Uniform Assignment for Benefit of Creditors Act; defining terms; providing for application of act to assignments made by certain assignors; defining who an assignee shall be; requiring assignment agreement be a signed record; providing requirements for record; permitting good-faith reliance on certain assignor representation; directing the assignee obtain certain rights, title, and interest in assigned assets; requiring assignee take certain interest in assigned assets; providing assignment subject to other laws…
From the engrossed text, March 25, 2026:
An Act relating to debtors and creditors; creating the Uniform Assignment for Benefit of Creditors Act; defining terms; providing for application of act to assignments made by certain assignors; defining who an assignee shall be; requiring assignment agreement be a signed record; providing requirements for record; permitting good-faith reliance on certain assignor representation; directing the assignee obtain certain rights, title, and interest in assigned assets; requiring assignee take certain interest in assigned assets; providing assignment subject to other laws; setting effective date of assignment agreement; defining financing statement; providing for filing of financing statement; limiting effect of filing or not filing financing statement; requiring record for real property; authorizing actions by assignee after assignor signature; requiring notice unless waived; listing requirements for notice; permitting reasonable means for notice to unknown creditors; requiring duty to take all reasonable actions; requiring assignee fiduciary duty for the benefit of creditors; empowering assignee with necessary powers to perform duties; limiting powers to assignees with respect to a creditor that submits a proof of claim; clarifying powers in relation to liens; limiting power to avoid a transfer made before the effective date of the assignment agreements; requiring powers be exercised constituent with fiduciary duty; authorizing creditor's claim under certain circumstances; permitting assignee discretion for certain claims; clarifying value date ENGR. H. B. NO. 3588 Page …