Русско-англо-русский юридический словарь

General assignment refers to a conveyance at common law or by statute by which one intends to make an absolute and unconditional appropriation of all his property to pay his creditors, share and share alike. [...] The mere fact that all the debtor's creditors are named or secured in an assignment will not make it a general assignment for the benefit of creditors. To constitute a general assignment, it shall be of all a debtor's property, and the debtor shall annex to the general assignment a full and complete inventory or schedule under oath of all his property of every description. [Hays v. Covington, 84 Tenn. 262 (Tenn. 1886)]. (USLegal)

In the United states, a general assignment or an assignment for the benefit of creditors is simply a contract whereby the insolvent entity ("Assignor") transfers legal and equitable title, as well as custody and control of its property, to a third party ("Assignee") in trust, to apply the proceeds of sale to the assignor's creditors in accord with priorities established by law. (PopFlock)