Wisconsin Statutes
Wis. Stat. § 128.02 (2026)
Assignment; mistakes; amendments
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128.02(1)(1) Voluntary assignments for the benefit of creditors may be made to an assignee who is a resident of this state, who shall, before taking possession of the property assigned and before taking upon himself or herself any trust conferred by the assignment, file the assignment and deliver to the clerk of the circuit court of the county in which such assignor resides or has his or her principal place of business at the time of the assignment, a bond as required by s. 128.09.
128.02(2)(2) No assignment shall be void because of any defect, informality or mistake in the assignment or in the bond, inventory or list of creditors accompanying the assignment. The court may direct the amendment of the assignment or of any other document to effect the intention of the assignor or assignee, or to obtain a distribution of the assignor’s assets as provided in this chapter, and any such amendment shall relate back to the time of the execution of the document. No mistake in filing a copy instead of an original or any like mistake or inadvertent failure to comply with this chapter shall void the assignment.
128.02(3)(a)(a) No creditor shall, in case a debtor has attempted to make an assignment for the benefit of creditors, or in case of the insolvency of any debtor, by attachment, garnishment or otherwise, obtain priority over other creditors upon the assignment being adjudged void, or in consequence of any sale, lien or security being adjudged void.
128.02(3)(b)(b) In all cases described in par. (a), the property of the debtor shall be administered for the ratable benefit of all of the debtor’s creditors under the direction of the court by the assignee or by a receiver.
Notes of Decisions
Cited in 8
cases (2 in the last 5 years), 1942–2025 · leading case: ADMANCO, Inc. ex rel. Polsky v. 700 Stanton Drive, LLC, 2010 WI 76, 786 N.W.2d 759.
ADMANCO, Inc. ex rel. Polsky v. 700 Stanton Drive, LLC, 2010 WI 76, 786 N.W.2d 759. “Wis. Stat. § 128.02 ; see Linton v. Schmidt, 88 Wis.”
BNP Paribas v. Olsen's Mill, Inc., 2011 WI 61, 799 N.W.2d 792. “See Wis. Stat. § 128.02 . Upon the court's approval of an assignment, the assignee is "vested with the powers of a receiver" and is ordered to "administer the debtor's estate pursuant to" chapter 128.”
United States v. Adaptive Microsystems, LLC, 914 F. Supp. 2d 1331 (Ct. Int'l Trade 2013). “The sale of assets in Chapter 128 receivership is an exchange between the assigned receiver and the purchaser, see Wis. Stat. § 128.02 (3)(b) (2013); Thums Aff.”
Edl v. Kinast (In re Edl), 207 B.R. 611 (Bankr. W.D. Wis. 1997). “This statute was amended in 1937 as § 128.02 Wis. Stat. The modern-day version, which also requires a written agreement, provides in relevant part: (1) Voluntary assignments for the benefit of creditors may be made to an assignee .”
Indus. Comm'n v. Sanitary Baking Co., 7 N.W.2d 603 (Wis. 1942). “” Sec. 128.02, Stats., regulates the form and substance of assignments for benefit of creditors.”
In re Wisconsin Builders Supply Co., 136 F. Supp. 439 (E.D. Wis. 1955). “It appears such jurisdiction is made exclusive, since where insolvency exists, or an assignment for the benefit of creditors has been made or attempted, Section 128.02 deprives all creditors of all remedies except that provided by the Chapter, namely, the administration of the…”
Dizard v. EIN CAP Inc, No. 1:23-cv-00379 (E.D. Wis. Dec. 27, 2024). “In any event, on April 14, 2020, Ridgeway made a voluntary assignment for the benefit of creditors under Wis. Stat. § 128.02 , and Dizard was appointed as receiver.”
Seth E. Dizard v. Torro LLC, 21 N.W.3d 821 (Wis. Ct. App. 2025). “§ 128.02. “Upon the court’s approval of an assignment, the assignee is ‘vested with the powers of a receiver’ and is ordered to ‘administer the debtor’s estate pursuant to’” ch.”
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