§ 47-13-116 — General assignments - Prior conveyance for benefit of particular creditor

Any mortgage, deed of trust, security interest under the Uniform Commercial Code, or any other conveyance of a portion of a debtor's property for the benefit of any particular creditor or creditors, made within three (3) months preceding a general assignment and in contemplation of making a general assignment, shall be void in the event a general assignment is made within three (3) months thereafter, and the property conveyed by such conveyance shall be shared ratably by all creditors just as that embraced in general assignments.

Legislative History

Acts 1881, ch. 121, § 2; Shan., § 3527a2; Code 1932, § 7788; T.C.A. (orig. ed.), § 47-1516; Acts 1963, ch. 81, § 1 (10-104).