General Assignment [Bankruptcy] Law and Legal Definition

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 following is an example of a case law referring to general assignment:

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)].