Section 1809 - Distribution of assets upon insolvencyIn the distribution of the assets of an institution which is liquidated or dissolved, whether under this act or under the Department of Banking Code or by any other method, the order of payment of liabilities of the institution in the event that its assets are insufficient to pay in full all its liabilities for which claims are duly made shall be:
(a) First, the payment of costs and expenses of administration of the liquidation or dissolution,(b) Second, the payment of claims which are given priority by applicable statutes and, if the assets are insufficient for the payment in full of all such claims, in the order provided by such statutes or, in the absence of contrary provisions, pro rata,(c) Third, the payment of all other claims pro rata, exclusive of claims on subordinated securities of a mutual savings bank or capital securities of any other institution, and(d) Fourth, the payment of such subordinated securities or capital securities.1965, Nov. 30, P.L. 847, No. 356, § 1809. Amended 1984, July 6, P.L. 606, No. 125, § 10, imd. effective.