1. A trustee under a general assignment made for the benefit of creditors shall give notice for a reasonable time by advertisement for four (4) consecutive issues in the nearest newspaper to or within the county in which the trustee is qualified, and by posting at the courthouse door of the county, for all persons having claims secured by the assignment to present the claims to the trustee, taking the trustee’s receipt therefor, on or before a day fixed in such notice, which day shall not be less than twelve (12) months after the day of notice.
  2. Any claims not presented to the trustee on or before the day so fixed, or before an appropriation of the trust funds, shall be forever barred, both in law and equity.

Terms Used In Tennessee Code 47-13-120

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Trustee: A person or institution holding and administering property in trust.