SEC. 81-9-3. Transfers by banks and other acts in contemplation of insolvency.
All transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any bank, or of deposits to its credit; all assignments of mortgage, securities on real estate, or of judgments or decrees in its favor; all deposits of money, bullion, or other valuable thing for its use, or for the use of any of its shareholders or creditors; and all payments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, with a view to prevent the application of a bank's assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, except state deposits, shall be utterly null and void.
SOURCES: Codes, 1942, Sec. 5238; Laws, 1934, ch. 146; 1969, Ex Sess, ch. 53, Sec. 9, eff from and after December 31, 1969.