California Code, Code of Civil Procedure - CCP § 493.010

(a) The assignment is an assignment of all the defendant's assets that are transferable and not exempt fromenforcement of a money judgment.

(b) The assignment is for the benefit of all the defendant's creditors.

(c) The assignment does not itself create a preference of one creditor or class of creditors over any other creditor or class of creditors, but the assignment may recognize the existence of preferences to which creditors are otherwise entitled.