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Read. Follow. Verify.Utah Enacts Uniform Assignment for Benefit of Creditors Act to Overhaul Debt Liquidation Rules
Last action · March 23, 2026: Governor SignedSponsors: Jordan Teuscher and 1 other
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What This Bill Does
This bill enacts the Uniform Assignment for Benefit of Creditors Act, establishing comprehensive statutory rules for business and individual debt liquidations outside of formal bankruptcy. Effective May 6, 2026, the law replaces legacy statutes by defining strict independence standards for s, standardized creditor notification procedures, detailed priority distribution schemes, and clear fiduciary duties.
Creditors and distressed businesses must navigate a modernized legal framework that standardizes how insolvent estates are administered, how claims are disputed, and how assets are distributed. The law impacts debt recovery timelines by imposing mandatory deadlines for claims submission between 90 and 210 days and repeals the state's prior patchwork of assignment statutes.
- An assignment for the benefit of creditors is an alternative to formal bankruptcy proceedings where an insolvent debtor transfers assets to a fiduciary to liquidate and pay creditors. context
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
assignors
Insolvent businesses and individuals transferring their assets must cooperate with assignees, turn over property, and provide verified lists of assets, employees, and creditors.
assignees
Fiduciaries administering the assignment estate are bound by new statutory duties of loyalty, care, and reporting, while gaining defined powers to operate businesses, manage claims, and recover assets.
creditors
Creditors must submit formal proofs of claim within designated timeframes and are subject to a uniform priority scheme for recovering debt from the assignment estate.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
Who is eligible to serve as an assignee under the new law?
What is the deadline for creditors to submit a proof of claim?
How are distribution proceeds prioritized among claimants?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Current status: Signed into law.
Procedural history
37 actions- Mar 23, 2026Lieutenant Governor's office for filingEnrolledGovernor Signed
- Mar 12, 2026HouseHouse/ to Governor
- Mar 12, 2026HouseHouse/ received enrolled bill from Printing
- Mar 5, 2026HouseHouse/ enrolled bill to Printing
- Mar 5, 2026Clerk of the HouseEnrolled Bill Returned to House or Senate
- Mar 3, 2026Legislative Research and General Counsel / EnrollingDraft of Enrolled Bill Prepared
Show 31 earlier actions
- Mar 3, 2026Legislative Research and General Counsel / EnrollingBill Received from House for Enrolling
- Feb 27, 2026HouseHouse/ signed by Speaker/ sent for enrolling
- Feb 27, 2026HouseHouse/ received from Senate
- Feb 27, 2026SenateSenate/ to House
- Feb 27, 2026SenateSenate/ signed by President/ returned to House
- Feb 27, 2026SenateFloorSenate/ passed 3rd reading
- Feb 27, 2026SenateSenate/ 3rd reading
- Feb 26, 2026SenateFloorSenate/ passed 2nd reading
- Feb 26, 2026SenateSenate/ 2nd reading
- Feb 25, 2026SenateSenate/ placed on 2nd Reading Calendar
- Feb 25, 2026SenateSenate/ committee report favorable
- Feb 24, 2026SenateSenate Comm - Favorable Recommendation
- Feb 20, 2026SenateCommitteeSenate/ to standing committee
- Feb 19, 2026SenateIntroducedSenate/ 1st reading (Introduced)
- Feb 18, 2026SenateSenate/ received from House
- Feb 18, 2026HouseHouse/ to Senate
- Feb 18, 2026HouseFloorHouse/ passed 3rd reading
- Feb 18, 2026HouseHouse/ 3rd reading
- Feb 10, 2026HouseHouse/ 2nd reading
- Feb 10, 2026HouseHouse/ committee report favorable
- Feb 9, 2026HouseHouse Comm - Favorable Recommendation
- Feb 6, 2026HouseCommitteeHouse/ to standing committee
- Jan 28, 2026HouseHouse/ received fiscal note from Fiscal Analyst
- Jan 28, 2026ReleasedLFA/ fiscal note publicly available for HB0382
- Jan 28, 2026Version SponsorLFA/ fiscal note sent to sponsor for HB0382
- Jan 27, 2026HouseIntroducedHouse/ 1st reading (Introduced)
- Jan 27, 2026HouseHouse/ received bill from Legislative Research
- Jan 26, 2026Legislative Fiscal AgencyLFA/ bill sent to agencies for fiscal input for HB0382
- Jan 26, 2026Legislative Fiscal AnalystLFA/ bill assigned to staff for fiscal analysis for HB0382
- Jan 26, 2026Legislative Research and General CounselNumbered Bill Publicly Distributed
- Jan 26, 2026Legislative Research and General CounselBill Numbered but not Distributed
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Complete Replacement of Legacy Assignment Code
The legislation repeals 20 separate legacy sections spanning Utah Code Chapter 6-1 and replaces them entirely with a modern uniform act.
Connected Entities
Sources
le.utah.gov
Analysis Score
0–100- Significance85How much this matters to a regular citizen
- Controversy15Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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