Definitions (2)
1. Agreement under which some or all assets of an insolvent debtor are assigned to a trustee, for selling them and distributing the sale proceeds equitably among the creditors.
2. Assignment of a part of the proceeds of a letter of credit by its beneficiary (usually an exporter or seller) to the manufacturer or producer (of the goods being exported or sold) as a guaranty of payment for those goods. Also called letter of assignment.
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