US Laws, Codes, Statutes & Cases

 
  § 1210. Order of payment by receiver.
    (a)  Laborers' wages shall be preferred claims and entitled to payment
  before  any  other  creditors  out  of  the assets of the corporation in
  excess of valid prior liens or encumbrances.
    (b)  The receiver shall subject to any  prior  liens  or  encumbrances
  distribute  the  residue of the moneys in his hands, among the creditors
  whose claims have been proved and allowed, as follows:
    (1)  All debts due by such corporation to the United States,  and  all
  debts entitled to a preference under the laws of the United States.
    (2)  All debts that may be owing by the corporation as trustee.
    (3)   Judgments against the corporation, to the extent of the value of
  the real property on which they are liens.
    (4)  All other creditors in proportion to  their  respective  demands,
  without preference to specialty debts.