Section 1210. Order of payment by receiver

(a) Laborers'  wages shall be preferred claims and entitled to payment
  before any other creditors out of  the  assets  of  the  corporation  in
  excess of valid prior liens or encumbrances.
    (b) The  receiver  shall  subject  to  any prior liens or encumbrances
  distribute the residue of the moneys in his hands, among  the  creditors
  whose claims have been proved and allowed, as follows:
    (1) All  debts  due  by such corporation to the United States, and all
  debts entitled to a preference under the laws of the United States.
    (2) All debts that may be owing by the corporation as trustee.
    (3) Judgments against the corporation, to the extent of the  value  of
  the real property on which they are liens.
    (4) All  other  creditors,  in proportion to their respective demands,
  without preference to specialty debts.