40-3-61
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40-3-61.
Notwithstanding
any other provision of law to the contrary, in any claim involving the total
loss of a vehicle which is subject to more than one perfected security interest
or lien as recorded on the title of the vehicle, the proceeds of the insurance
policy shall be first applied to the debt owed to the first lienholder. In the
event that there are proceeds remaining after satisfying the first lienholder,
the proceeds shall be then applied to the debt owed to the second and subsequent
lienholders in order of priority and any proceeds remaining after the
satisfaction of all such recorded liens shall be paid to the insured. If the
amount of debt secured by such security interests or liens or the seniority of
such security interests or liens is in doubt, any remaining funds shall be
deposited with the court and a complaint for interpleader shall be filed in
accordance with Code Section 9-11-22.