SF 2497: A bill for an act providing for an assignment of assets for the benefit of creditors, exempting the related tax on the transfer of real estate, and including effective date provisions.
SF 2497 status: Enacted — Signed by Governor (updated Jun 2, 2026).
What this bill does
Overall score
Bill summary
OfficialA bill for an act providing for an assignment of assets for the benefit of creditors, exempting the related tax on the transfer of real estate, and including effective date provisions.. Currently in Senate.
Key analysis
Impact analysis
Environment
Benefits
- no identified environmental impact
Risks
- no identified environmental impact
Economy
Benefits
- provides a more predictable framework for business insolvency
- reduces costs compared to federal bankruptcy for small/medium enterprises
Risks
- introduces new administrative compliance requirements for assignees
Society
Benefits
- potentially faster recovery for creditors
- allows for more orderly wind-downs of failing businesses
Risks
- less robust employee protections than federal Chapter 11 bankruptcy
How trustworthy & consequential it is
Source
LegiScan
Confidence
highhigh
Analysis status
LegiScan full bill text
Assignment for the benefit of creditors is an alternative to bankruptcy and may offer fewer protections to certain debtors compared to federal bankruptcy code.
Uniform law adoption primarily affects specialized legal and financial professionals.
Where it stands
Introduced
CompleteCommittee
CompleteFloor
CompleteGovernor
CompleteEnacted
CompleteHow it affects your district
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