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Utah law currently allows a financially distressed business or individual to voluntarily hand over all their assets to an independent third party — called an assignee — who sells or collects on those assets and distributes the proceeds to creditors in a set order. This bill would repeal that existing law and replace it with the Uniform Assignment for Benefit of Creditors Act, a standardized framework used in multiple states. The new law would set detailed requirements for who can serve as an assignee (requiring independence from both the debtor and creditors), what must be included in the written assignment agreement, how creditors are notified and submit claims, and the order in which creditors get paid — starting with certain secured creditors, then administrative costs, then limited priority claims like unpaid wages, then other unsecured creditors. It would also give assignees defined powers to operate businesses, sell or dispose of assets, pursue and defend legal claims, undo certain improper transfers made before the assignment, and wind up the process through a final accounting, all while holding assignees to a fiduciary duty to act in the best interests of creditors and subjecting the process to court oversight, removal procedures, and rules for recognizing similar assignments made in other states.