Oklahoma § 24-31 - Allowable, when - Preference, effect of

§ 24-31. Allowable, when - Preference, effect of

An insolvent debtor may, in good faith, execute an assignment of

property to one or more assignees, in trust towards the satisfaction

of his creditors, in conformity to the provisions of this chapter;

subject, however, to the provisions of the law relative to trusts

and to fraudulent transfers, and to the restrictions imposed by law

upon assignments by special partnerships, by corporations or by

other specified classes of persons: Provided, that such assignment

shall not be valid if it be upon or contain any trust or condition

by which any creditor is to receive a preference or priority over

any other creditor; but in such case the property of the insolvent

shall become a trust fund to be administered in equity, in the

district court, and shall inure to the benefit of all the creditors

in proportion to their respective claims or demands.

R.L. 1910, § 214.