Section 15922 - Distribution of moneys realized for bondholdersMoneys or funds collected for the holders of defaulted bonds entitled to share equally and ratably therein shall, after the payment of costs and fees as provided in section 21 of this act be applied by the trustee, unless the terms of the bonds provide otherwise, as follows:
(1) Unless the principal of all of the bonds represented shall have become or have been declared due and payable, (i) to the payment to the persons entitled thereto of all installments of interest then due in the order of the stated maturity dates of such installments of such interest and, if the amount available shall not be sufficient to pay any installment in full, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any discrimination or preference except as to any difference in the respective rates of interest expressed in the bonds or coupons for interest; and (ii) to the payment to the persons entitled thereto of the unpaid principal of any bonds which shall have become due, whether at stated maturity dates or by call for redemption, in the order of their respective due dates, and if the amount available shall not be sufficient to pay in full all bonds due on any date, then to the payment ratably, according to the amounts of principal due on such dates, to the persons entitled thereto without any discrimination or preference.(2) If the principal of all of the bonds entitled to share equally in such moneys shall have become or shall have been declared due and payable, to the payment of the principal and interest then due and unpaid upon the bonds without preference or priority of principal over interest or interest over principal, or of any installment of interest over any other installment of interest, or of any bond over any other bond ratably according to the amounts due respectively for principal and interest, to the persons entitled thereto without any discrimination or preference except as to any difference in the respective rates of interest specified in the bonds and coupons.(3) If more than one series is involved and the principal of all bonds of one or more series has become or has been declared due and payable, and if one or more others has not, the funds available shall be apportioned to each series then outstanding less, as to each series any amounts held earmarked for such series, and distribution to the holders of the bonds and coupons of each series shall be made according to whichever of clauses (1) and (2) of this section may be applicable.1972, Oct. 18, P.L. 955, No. 234, § 22, imd. effective.