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This entry was published on 2014-09-22
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Preference of credits
§ 445. Preference of credits. In case of the insolvency or voluntary
or involuntary liquidation of any bank, trust company or savings and
loan association, its assets shall be applied in the first place ratably
and proportionately to the payment in full of any sum or sums of money
deposited therewith by the savings and loan bank or due to the savings
and loan bank for subscriptions, sinking funds, interest and principal
of bonds, or guaranty of mortgages, notes secured or unsecured or any
other obligations due to the savings and loan bank, but not to an amount
exceeding that authorized to be so deposited or contracted by the
provisions of this chapter, and in accordance and on an equality with
any other preference provided for in this chapter.