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Utah law allows a financially distressed business or individual to voluntarily hand over all their assets to an independent third party — called an assignee — who then sells or collects on those assets and distributes the proceeds to creditors in a set order of priority. This bill replaces Utah's existing law governing that process with the Uniform Assignment for Benefit of Creditors Act, a standardized framework adopted by multiple states. The new law sets detailed rules for who can serve as an assignee (requiring independence from both the debtor and creditors), what the written assignment agreement must include, how creditors are notified and submit claims, in what order creditors get paid (secured creditors first, then administrative costs, then wages owed to workers, then other unsecured creditors), and how the process wraps up with a final accounting. It also gives assignees broad powers to operate businesses, sell assets, pursue legal claims, and undo certain improper transfers made before the assignment, while holding them to a fiduciary duty — meaning a legal obligation to act in the best interests of creditors.