Priority over other liens

No corporation or partnership doing business in this state shall have the power to execute a mortgage or deed of trust or other instrument creating a lien upon the property of the corporation prior to that in favor of the employees and laborers, except to secure purchase money. Acts 1883, ch. 18, § 1; 1897, ch. 78, § 2; Shan., § 3566; mod. Code 1932, § 7991; T.C.A. (orig. ed.), § 64-1303. No corporation or partnership doing business in this state shall have the power to execute a mortgage or deed of trust or other instrument creating a lien upon the property of the corporation prior to that in favor of the employees and laborers, except to secure purchase money. Acts 1883, ch. 18, § 1; 1897, ch. 78, § 2; Shan., § 3566; mod. Code 1932, § 7991; T.C.A. (orig. ed.), § 64-1303.