39-71-408. Liability as first lien in case of bankruptcy or failure.
133 words·~1 min read·
/mt/title-39/chapter-71/part-4/39-71-408A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
39-71-408 . Liability as first lien in case of bankruptcy or failure. In case of bankruptcy, insolvency, liquidation, or the failure of an employer or insurer to meet any obligations imposed by this chapter, every liability which may be due under this chapter shall constitute a first lien upon any deposit made by such employer or insurer, and if such deposit shall not be sufficient to secure the payment of such liability in the manner and at the times provided for in this chapter, the deficiency shall be a lien upon all the property of such employer or insurer within this state and shall be prorated with other lienable claims and shall have preference over the claim of any creditor or creditors of such employer or insurer except the claims of other lienors.