58-64-60. Contracts as preferred claims on liquidation.
In the event of liquidation of a provider, all contracts for continuing care executed by the provider shall be deemed preferred claims against all assets owned by the provider; provided, however, such claims shall be subordinate to the liquidator's cost of administration or any secured claim. (1989, c. 758, s. 1; 1995 (Reg. Sess., 1996), c. 582, s. 4; 2003-193, s. 13.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 64 - Continuing Care Retirement Communities.
§ 58-64-7 - Continuing care services without lodging.
§ 58-64-10 - Revocation of license.
§ 58-64-15 - Sale or transfer of ownership.
§ 58-64-20 - Disclosure statement.
§ 58-64-25 - Contract for continuing care; specifications.
§ 58-64-30 - Annual disclosure statement revision.
§ 58-64-33 - Operating reserves.
§ 58-64-35 - Escrow, collection of deposits.
§ 58-64-40 - Right to organization.
§ 58-64-45 - Supervision, rehabilitation, and liquidation.
§ 58-64-46 - Receiverships; exception for facility beds.
§ 58-64-50 - Investigations and subpoenas.
§ 58-64-55 - Examinations; financial statements.
§ 58-64-60 - Contracts as preferred claims on liquidation.
§ 58-64-65 - Rule-making authority; reasonable time to comply with rules.
§ 58-64-75 - Criminal penalties.