Section 29-12-107 - Corporate property

The creditors of a corporation may also, without first having obtained a judgment at law, file a bill in the court of chancery, to attach the property of the corporation, and subject the same, by sale or otherwise, to the satisfaction of their debts, when the corporate franchises are not used, or have been granted to others in whole or in part.Code 1858, § 4294 (deriv. Acts 1851-1852, ch. 172, § 1); Shan., §6103; Code 1932, § 10364; T.C.A. (orig. ed.), § 23-1007.