On Bankruptcy and Mediation
Nebraska's LB 308 & Committee Statement from 1945 By: Donald L Swanson Nebraska hasn’t had an assignment for benefit of creditors (“ABC”) statute since 1945 . . . until now. On February 27, 2026, the Nebraska Unicameral Legislature passed the Uniform Assignment for Benefit of Creditors Act (LB 783) by unanimous vote, and on March 3,... Continue Reading →
Old and not utilized (Photo by Marilyn Swanson) By: Donald L Swanson Assignment for benefit of creditors (“ABC”) is an under-utilized process in most states. That’s been my impression for many years, based on personal experiences and discussions with many professionals. Further, my theory is that the reasons for such under-utilization are two-fold: some states, like... Continue Reading →
A spectrum of light (photo by Marilyn Swanson) By: Donald L Swanson Assignment for benefit of creditors (“ABC”) under the common law is to bankruptcies and receiverships, what arbitration is to state and federal court lawsuits. The Alternative Dispute Resolution Act: defines alternative dispute resolution (“ADR”) as “any process or procedure, other than an adjudication by... Continue Reading →
An unsecured trade creditor? (Photo by Marilyn Swanson) By: Donald L Swanson Here's a question about the new Uniform Assignment for Benefit of Creditors Act (the “Uniform ABC Act”): Is a liquidation under the Uniform ABC Act a good thing or a bad thing for the debtor’s unsecured trade creditors? The answer is easy: it’s a... Continue Reading →
Nation-Wide By: Donald L Swanson I recently ran across an Order from a state court, under that state’s receivership statutes, purporting to create a nation-wide injunction (i.e., a “stay”) against any judicial, administrative or other action by any creditor that would affect any of the debtor’s property. And the debtor’s property spans across state lines. My... Continue Reading →
Not uniform (photo by Marilyn Swanson) By Donald L. Swanson Here are some reasons why a uniform law on the subject of assignments for benefit of creditors ("ABC") is needed. Bankruptcy Analogy The need for a uniform ABC law is the same as the need behind the “uniform” bankruptcy law requirement in the U.S. Constitution—only, it’s... Continue Reading →
Ignoring? (Photo by Marilyn Swanson) By: Donald L Swanson When state legislatures consider a legislative bill, it’s important that they hear from stakeholders who would be affected by that bill. Important ABC Stakeholders When faced with a legislative bill on assignment for benefit of creditors (“ABC”), its important that legislatures hear from a variety of stakeholders,... Continue Reading →
A tool? (Photo by Marilyn Swanson) By: Donald L. Swanson An assignment for benefit of creditors (an “ABC”) under the common law is an out-of-court tool for liquidating a business debtor’s assets in an efficient and credible manner. Such a common law tool has been used, effectively and frequently, for many years in such states... Continue Reading →
The new Act By: Donald L Swanson Assignments for benefit of creditors (“ABCs”) and receiverships have been utilized effectively for centuries under the common law, side-by-side as separate and distinct and complementary remedies for liquidating assets. Differences Differences between the two are that: receiverships are a court-supervised process initiated by a creditor to dispossess the debtor... Continue Reading →
By: Donald L. Swanson On July 23, 2025, the Uniform Law Commission approved and adopted the Uniform Assignment for Benefit of Creditors Act (the “Uniform Act”) for submission to state legislatures. What follows are brief thoughts on why the Uniform Act needs to be enacted by legislatures throughout these United States as soon as possible. A... Continue Reading →
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