51A-15-39. Priority of claims in liquidation proceedings.
111 words·~1 min read·
/sd/title-51/chapter-51-15/51a-15-39·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The following claims shall have priority:
(1)First, public deposits that are subject to chapter 4-6A and § 51A-10-9 ;
(2)Then, obligations incurred by the director or receiver;
(3)Then, total deposits of each depositor;
(4)Then, all taxes due on a pro rata basis;
(5)Then, wages and salaries of officers and employees earned during the three - month period preceding the director's possession in an amount not exceeding the normal amount of compensation due;
(6)Then, fees and assessments due to the division on a pro rata basis;
(7)Then, all other claims on a pro rata basis exclusive of claims by holders of capital notes and debentures.