Sec. 16. In the event of any distribution of any employer's assets pursuant to an order of any court under the laws of this state including but not necessarily limited to any receivership, assignment for benefit of creditors, adjudicated insolvency, composition or similar proceeding, contributions then or thereafter due shall be paid in full prior to all other claims except claims for remuneration.
Formerly: Acts 1947, c.208, s.3318. As amended by P.L.290-2001, SEC.26; P.L.175-2009, SEC.39.