In an Assignment for the Benefit of Creditors, If Each

question 36

True/False

In an assignment for the benefit of creditors, if each creditor is paid a pro rata share of his original obligation, the debtor is then discharged from any further obligation to the creditor.

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Definitions:

Substantial Delegation

The significant transfer of responsibility and authority from one person to another while retaining accountability for the outcome.

Prior Approval

It denotes the necessity to receive authorization before proceeding with an action or decision.

Failure to Delegate

The inability or unwillingness of a person in a leadership or managerial position to assign responsibilities and tasks to others.

Manager's Insecurity

Feelings of doubt or lack of confidence experienced by a manager, potentially affecting decision-making, leadership style, and interaction with subordinates.