Trustees or Assignees for Creditors, Etc. — Bond — Oath

  1. Law
  2. Tennessee Code
  3. Commercial Instruments and Transactions
  4. Assignments for Benefit of Creditors
  5. Trustees or Assignees for Creditors, Etc. — Bond — Oath

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Every trustee or assignee to whom property exceeding the value of five hundred dollars ($500) is conveyed in trust for the benefit of creditors, sureties, or other persons, unless by them released, in writing, from the obligations hereinafter prescribed, before entering upon the discharge of such trustee's or assignee's duty, shall give bond, with two (2) or more good and sufficient sureties, or one (1) corporate surety, in an amount equal to the value of the property mentioned in the deed or assignment, payable to the state of Tennessee, conditioned for the faithful performance of all the duties imposed upon the trustee or assignee by law and by the terms of the deed or assignment, and shall take and subscribe, before the person performing the duties of the county clerk of the county in which the trustee or assignee resides, an oath to the effect that the trustee or assignee will:

  1. Honestly and faithfully execute and perform all the duties imposed upon such trustee or assignee by law and by the deed or assignment;
  2. Cause to be made a full, true, and perfect inventory of the goods, chattels, lands, or other assets, all and singular, contained in the trust deed or assignment which have or may come into the trustee's or assignee's hands or into the hands of any other person for such trustee or assignee; and
  3. Return, or cause to be filed in the office of the person performing the duties of the county clerk, a full and true account of all the sales of the effects, and of all moneys received or securities taken.

Code 1858, § 1974 (deriv. Acts 1855-1856, ch. 113, §§ 9, 10); Shan., § 3523; Code 1932, § 7773; T.C.A. (orig. ed.), § 47-1501; modified.

Cross-References. Open-end mortgages and mortgages securing future advances, title 47, ch. 28.

Textbooks. Gibson's Suits in Chancery (7th ed., Inman), § 77.

Tennessee Jurisprudence, 3 Tenn. Juris., Assignments for the Benefit of Creditors, §§ 2-25, 27; 19 Tenn. Juris., Mortgages and Deeds of Trust, § 22; 24 Tenn. Juris., Trusts and Trustees, §§ 43, 44, 61.

Comparative Legislation. Assignments for benefit of creditors:

Ala.  Code §8-9A-6.

Ark.  Code §16-117-401 et seq.

Ga. O.C.G.A. §18-2-40 et seq.

Ky. Rev. Stat. Ann. § 379.010 et seq.

Miss.  Code Ann. §85-1-1 et seq.

Mo. Rev. Stat. § 426.010 et seq.

N.C. Gen. Stat. § 23-1 et seq.

Va. Code § 55-156 et seq.


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