Patrick Jackson and Ian Bambrick Contribute to Thomson Reuters “Practical Law” State Q&A Guide

In a State Q&A Guide, Thomson Reuters “Practical Law” provided common questions and answers on state-specific content from local contributors, including Faegre Drinker partners Patrick Jackson and Ian Bambrick, who answered questions related to Delaware’s process by which assignments for the benefit of creditors (ABCs) are generally administered.

Jackson and Bambrick discuss what documents and corporate actions of approval are required to file an ABC in Delaware jurisdictions. “The Delaware Code does not have a prescribed form of an assignment agreement, so general principles of contract and trust law apply,” they said, following with a list of provisions for when an assignment may be deemed void.

Further, Jackson and Bambrick explain the main statutory duties and responsibilities for assignees, listing three duties of an ABC specifically prescribed by statute.