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.