N.Y. Not-For-Profit Corp. Law § 1210

§ 1210. Order of payment by receiver.\n (a) Laborers' wages shall be preferred claims and entitled to payment\nbefore any other creditors out of the assets of the corporation in\nexcess of valid prior liens or encumbrances.\n (b) The receiver shall subject to any prior liens or encumbrances\ndistribute the residue of the moneys in his hands, among the creditors\nwhose claims have been proved and allowed, as follows:\n (1) All debts due by such corporation to the United States, and all\ndebts entitled to a preference under the laws of the United States.\n (2) All debts that may be owing by the corporation as trustee.\n (3) Judgments against the corporation, to the extent of the value of\nthe real property on which they are liens.\n (4) All other creditors in proportion to their respective demands,\nwithout preference to specialty debts.\n