Section 23.02 - Nature and Effect of Assignment(a) A debtor may assign his real and personal estate under this chapter to an assignee for the benefit of the debtor's creditors.(b) An assigning debtor shall provide in the assignment for distribution of all his real and personal estate to each consenting creditor in proportion to each consenting creditor's claim.(c) Regardless of an expression to the contrary, an assignment passes all an assigning debtor's real and personal estate to each consenting creditor in proportion to each consenting creditor's claim.Tex. Bus. and Comm. Code § 23.02
Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1.