(a) In all cases in which any person makes an assignment of his or her property for the benefit of his or her creditors, it shall be the duty of the assignee named in the deed of assignment to take immediate possession of the property for the purpose of making an inventory and description of the property and for the care and preservation of the property.
(b) Within ten (10) days after taking possession of the property, the assignee shall file with the clerk of the circuit court a full, true, and complete inventory and description of the property together with his or her bond in double the amount of the supposed value of the property with good security, to be approved by the clerk of the circuit court, which bond shall be conditioned that the assignee shall faithfully execute the trust confided to him or her under the provisions of the deed of assignment, and the order of the circuit court.
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