Section 3

Section 3. Any person, persons, firm, limited partnership, joint-stock company or corporation may make an assignment of his, their or its property to one or more disinterested persons, as assignees, not exceeding three, for the benefit of his, their or its creditors; but, except as herein otherwise provided, all preferences or conditions therein contained shall be wholly void, and such assignment shall unconditionally inure to the benefit of all the creditors accepting a dividend, as in this act provided. An assignment of a portion of such property in trust, for the benefit of the creditors, or any of them, however expressed, shall be deemed an assignment of the whole estate, and shall be recorded in the same counties, with the same effect, as a general assignment; but a debtor may assign any part of his estate to certain creditors, or in trust for them, if at the time of so doing he be solvent, or the same be not in contravention of the other provisions of this act.