Section 18-2-40. Right of debtor to prefer creditors

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A debtor may prefer one creditor over another; and to that end he may rightfully give a lien by mortgage or other legal means, sell in payment of the debt, or transfer choses in action as collateral security, where the surplus in such cases is not reserved for the debtor's own benefit.

Orig. Code 1863, § 1955; Code 1868, § 1943; Code 1873, § 1953; Code 1882, § 1953; Civil Code 1895, § 2697; Civil Code 1910, § 3230; Code 1933, § 28-301.

                    
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