When the assignment is executed and approved by the court and the trustee has been appointed and notice given to the creditors mentioned in the assignment, such assignment shall be deemed legal and binding upon all creditors and such salary, wages or income shall be exempt from garnishment, levy or distress during such time as the assignment is in existence; and such assignment shall have priority over all liens subsequently obtained.

History

1936, p. 524; Michie Code 1942, § 5278h.