Tennessee Statutes
§ 47-13-115 — General assignments - Preference of creditors
Tennessee·Title 47
(a)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.
(b)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.
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Legislative History
Acts 1881, ch. 121, § 1; Shan., § 3527a1; mod. Code 1932, §7787; T.C.A. (orig. ed.), § 47-1515.
Nearby Sections
15
§ 47-1-101
Short title§ 47-1-102
Scope of chapter§ 47-1-104
Construction against implied repeal§ 47-1-105
Severability§ 47-1-106
Use of singular and plural - Gender§ 47-1-201
General definitions§ 47-1-202
Notice - Knowledge§ 47-1-204
Value§ 47-1-205
Reasonable time - Seasonableness§ 47-1-206
Presumptions§ 47-1-302
Variation by agreement