Sec. 126.303. PRIORITY OF CLAIMS. The liquidating agent shall use the credit union's assets to pay, in the following order:
(1) secured creditors to the extent of the value of their collateral;
(2) liquidation expenses, including a surety bond if required;
(3) depositors;
(4) general creditors, including secured creditors to the extent that their claims exceed the value of their collateral; and
(5) distributions to members in proportion to the shares held by each member.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
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