The garnishee shall not be made liable upon a debt due by negotiable or assignable paper, unless such paper is delivered, or the garnishee completely exonerated or indemnified from all liability thereon, after the garnishee may have satisfied the judgment or decree.
Code 1858, § 3495; Shan., § 5255; Code 1932, § 9446; T.C.A. (orig. ed.), § 23-705.