Tennessee Code 47-13-116 – General assignments – Prior conveyance for benefit of particular creditor
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Terms Used In Tennessee Code 47-13-116
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
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.