Title 45, Chapter 8, Section 29
( 45-8-29)
Any judgment or execution issued in pursuance of this chapter or in
any action against the principal or surety upon any bond of any of
the officers, banks, or depositories dealt with in this chapter
shall have the effect of preserving and shall be a means of
enforcing the liens created by the laws of this state, including
this chapter, upon the property and assets of the principal and
sureties on the bonds of officers and depositories and the assets of
banks. Upon the payment of the amount of such judgment or execution
by any surety or other person, either the official or county or
municipal authority issuing the same or any officer authorized to
levy the execution shall, at the request of the person or
corporation making the payment, transfer the judgment or execution
to such person or corporation or his or its order, and the
transferee shall be entitled to enforce the same and the lien
therein represented, provided that, in order to preserve the lien as
against subsequent bona fide purchasers for value, the judgment or
execution shall be entered on the general execution docket as if it
were a common law execution. Any sale or transfer of any part of its
assets by a bank to an innocent purchaser for value in the ordinary
course of business prior to the institution of a proceeding against
said bank, through which the lien may be preserved or enforced,
shall pass to the purchaser or transferee such assets free from the
lien created in this Code section. |