1. In every case in which different liens are asserted against any property, the court, in the judgment, must declare the rank of each lien claimant or class of lien claimants in the following order:
(a) First: All labor whether performed at the instance or direction of the owner, the subcontractor or the prime contractor.
(b) Second: Material suppliers and lessors of equipment.
(c) Third: All other lien claimants who have performed their work, in whole or in part, under contract with the prime contractor or any subcontractor.
(d) Fourth: All other lien claimants.
2. The proceeds of the sale of the property must be applied to each lien claimant or class of lien claimants in the order of its rank.
(Added to NRS by 1965, 1164; A 1993, 2056; 2003, 2607)