Section 11-39-39 - Report of trustees, and order of paying debtsIt shall be the duty of the trustees, at the first term of the court after the time for presenting claims has elapsed, to make a full and complete report of all claims presented and audited, at which time exception may be taken to the allowance or rejection of any claim, and, if sustained, the report may be corrected. When the report is settled, and the amount of indebtedness ascertained, the court shall order the trustees to pay the debts in the following order:
(a) The compensation to the trustees and others, and expenses incurred in settling the affairs of the corporation, including the payment of the costs in the quo warranto proceedings in the circuit court, and the costs in the chancery court.(b) Debts due to the state or any county, city, town, or village for taxes or otherwise.(c) A ratable distribution amongst creditors who have proved their claims, and had them allowed.(d) The surplus, if any, shall be ratably distributed among the stockholders, according to their respective rights.Codes, 1880, § 2606; 1892, § 3539; 1906, § 4036; Hemingway's 1917, § 3031; 1930, § 3072; 1942, § 1139.