Common use of Definition of Transaction Clause in Contracts

Definition of Transaction. It is agreed and understood that this Assignment is a general assignment for the benefit of all of Assignor’s creditors; and that this is a “general assignment for the benefit of creditors,” as set forth in, and defined in the Massachusetts Rules of Civil Procedure, and all other laws of the State of Massachusetts pertaining thereto. This general assignment for the benefit of creditors (s) (a) does constitute an assignment to Assignee of all assets of Assignor which are transferable and not exempt from enforcement of a money judgment;