Title 11, Chapter 6, Section 103
( 11-6-103)
Transfers excepted from this article. The following transfers are not subject to this article: (1) Those made to give security for the performance of an
obligation; (2) General assignments for the benefit of all the creditors of the
transferor, and subsequent transfers by the assignee thereunder; (3) Transfers in settlement or realization of a lien or other
security interest; (4) Sales by executors, administrators, receivers, trustees in
bankruptcy, or any public officer under judicial process; (5) Sales made in the course of judicial or administrative
proceedings for the dissolution or reorganization of a corporation
and of which notice is sent to the creditors of the corporation
pursuant to order of the court or administrative agency; (6) Transfers to a person maintaining a known place of business in
this state who becomes bound to pay the debts of the transferor in
full and gives public notice of that fact, and who is solvent after
becoming so bound; (7) A transfer to a new business enterprise organized to take over
and continue the business, if public notice of the transaction is
given and the new enterprise assumes the debts of the transferor and
he receives nothing from the transaction except an interest in the
new enterprise junior to the claims of creditors; (8) Transfers of property which is exempt from execution. |