Public-domain · open source
OpenJurist

Tenn. Code Ann. § 47-13-115

General assignments — Preference of creditors

Acts 1881, ch. 121, § 1; Shan., § 3527a1; mod

(1) Preference of creditors in general assignments of all a debtor's property for the benefit of creditors shall be illegal and voidable, and all general assignments shall operate for the benefit of all the debtor's creditors pro rata, whether all the creditors are named in the assignment or not.

(2) The insertion of a clause in the assignment giving a preference shall not render the assignment itself invalid, but the clause only shall be nugatory, and all the debtor's creditors shall share ratably in property assigned.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.