38.2-1514 - Priority of claims for wages. - Virginia Statutes

§ 38.2-1514. Priority of claims for wages.

Before the payment of any other debt or claim, other than those for which ahigher priority is established in § 38.2-1509, compensation shall be paid toemployees other than officers of an insurer for services rendered withinthree months before the commencement of the delinquency proceedings. Thepayment shall not exceed $1,000 for each employee. At the discretion of theCommission, or a receiver other than the Commission with the approval of thecourt, payment may be made as soon as practicable. This priority shall besuperior to any other similar priority authorized by law regarding wages orcompensation of the employees.

Nothing in this section shall prohibit a receiver from allocating sufficientfunds to cover the expenses of administration.

(1952, c. 317, § 38.1-138; 1986, c. 562; 1996, c. 81.)