§ 10-4-6 - Effect of assignment on liens.
SECTION 10-4-6
§ 10-4-6 Effect of assignment on liens.– Every assignment at common law for the benefit of creditors shall be effectualto dissolve any attachment, levy, or lien placed upon the property of theassignor not more than four (4) months prior to the making of the assignment,and the costs in full of the attachment, levy, or lien shall constitute apreferred claim against the assigned estate as part of the costs ofadministering the trust. The property affected by the attachment, levy, or lienshall be deemed wholly discharged and released from the attachment, levy, orlien and shall pass to the assignee as part of the assigned estate, and thesuperior court may order such conveyance as may be necessary to carry thepurposes of this section into effect; provided, that nothing contained in thissection shall have the effect to destroy or impair any title obtained by theattachment, levy, or lien by a bona fide purchaser for value, who shall haveacquired the attachment, levy, or lien without notice or reasonable cause ofinquiry, or to dissolve, vacate, destroy or impair any lien which exists atcommon law or any lien for which provision is made in chapter 9 of title 6A,chapter 3 of title 9, chapters 28, 29, 30, 34, or 35 of title 34, or chapter 15of title 39.