LD 1534
pg. 18
Page 17 of 20 PUBLIC Law Chapter 322 Page 19 of 20
Download Chapter Text
LR 1922
Item 1

 
(b)__Claims for wages and salaries, including
vacation, severance and sick leave pay;

 
(c)__Taxes legally due and owing to the United
States, any state or any subdivision of the United
States or any state;

 
(d)__Debts due and owing to the State and the
United States, including the National Credit Union
Administration;

 
(e)__General creditors, and secured creditors to
the extent that the secured creditors' respective
claims exceed the value of the security for those
claims;

 
(f)__Pro rata distribution to members in
proportion to the respective amount of their
deposits and shares;

 
(g)__In a case involving liquidation of a
corporate credit union, membership capital of the
corporate credit union;

 
(h)__In a case involving liquidation of a
designated community development credit union, any
outstanding secondary capital accounts issued
pursuant to state law; and

 
(i)__In a case involving liquidation of a
corporate credit union, paid-in capital.

 
G.__Priorities for payment of claims under paragraph F are
based on the circumstances that exist on the date of the
liquidation.

 
H.__If the repudiation or disaffirmance of any contract or
lease gives rise to a claim for damages, the claim must be
considered a general creditor claim under paragraph F,
subparagraph (2), division (e) and not a cost or expense of
liquidation under paragraph F, subparagraph (2), division
(a).

 
I.__All unsecured claims of any category or class or priority
described in paragraph F, subparagraph (2), divisions (a) to (i)
must be paid in full, or provisions made for such payment, before
any claims of lesser priority are paid.__If there are
insufficient funds to pay all claims of a category or class,
payment must be made pro rata.__Notwithstanding anything to the
contrary in this section,


Page 17 of 20 Top of Page Page 19 of 20
Related Pages
  Search Bill Text Legislative Information
Bill Directory Search
Bill
Status
Session Information
119th Legislature Bills Maine Legislature

Office of Legislative Information
100 State House Station
Augusta, ME 04333
voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer