New York Laws
Article 12 - Receivership
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.

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