§ 38.2-1514. Priority of claims for wages
Before the payment of any other debt or claim, other than those for which a higher priority is established in § 38.2-1509, compensation shall be paid to employees other than officers of an insurer for services rendered within three months before the commencement of the delinquency proceedings. The payment shall not exceed $1,000 for each employee. At the discretion of the Commission, or a receiver other than the Commission with the approval of the court, payment may be made as soon as practicable. This priority shall be superior to any other similar priority authorized by law regarding wages or compensation of the employees.
Nothing in this section shall prohibit a receiver from allocating sufficient funds to cover the expenses of administration.
(1952, c. 317, § 38.1-138; 1986, c. 562; 1996, c. 81.)
Sections: Previous 38.2-1507 38.2-1508 38.2-1509 38.2-1510 38.2-1511 38.2-1512 38.2-1513 38.2-1514 38.2-1515 38.2-1516 38.2-1517 38.2-1518 38.2-1519 38.2-1520 38.2-1521 NextLast modified: April 16, 2009