Pennsylvania Statutes Title 39 P.S. Insolvency and Assignments § 3. Assignment of joint assets; release of assets; notice to persons jointly interested in assets; costs

Any member or members of a partnership, limited or otherwise, except the associations created under the act of second June, one thousand eight hundred and seventy-four, and its supplements,  1 or any one or more joint, or joint and several debtors, may make an assignment of the assets in which he or they are interested with others, for the benefit of their creditors, in the manner and with the effect herein provided; but any other person or persons jointly, or jointly and severally, interested in such assets, may, within fifteen days after notice thereof, upon petition to the court and with notice to the assignors, give security to indemnify and save harmless the assignors, and to pay all debts, or to obtain the release of the assignors therefrom, within such time as the court shall designate, not exceeding six months; whereupon the assignees shall forthwith transfer to those entering such security all the assets passing by the assignment, freed and clear of all claims upon the part of the assignors and assignee, but the rights of the creditors shall remain as if no assignment had been made. In case of such an assignment, the assignee shall forthwith give written notice to the other person or persons jointly, or jointly and severally, interested in such assets, and shall file of record an affidavit thereof, and the fifteen days shall be computed from the time of such filing. If the assignment be set aside, the costs incurred, including the reasonable expenses and fees of the assignees, shall be paid as the court shall direct.