Rule 4:54.Assignments for benefit of creditors
Last amended September 3, 2002 · Current through June 18, 2026 · Last verified July 7, 2026
Full Text of Rule 4:54
Amendment History
New Jersey publishes each rule’s amendment record in a “History” note beneath the rule. It is reproduced verbatim below; the “R.R.” citations refer to the former Revised Rules numbering the current rules replaced.
Source-R.R. 4:69; amended July 12, 2002 to be effective September 3, 2002.
Plain-English Summary
An assignment for the benefit of creditors is its own statutory device, but this rule keeps its procedure from diverging too far from more familiar ground: it directs that the practice conform, as nearly as practicable, to the procedure governing insolvent corporations.
That includes how the assignee accounts for the assigned estate — settled the same way a receiver's or trustee's account is settled under the rules governing the filing and audit of those accounts.
Frequently Asked Questions
What procedure governs an assignment for the benefit of creditors in New Jersey?
The same procedure used for insolvent corporations, as nearly as practicable, including how the assignee's accounts are settled.