The term, exhaustee, under the provisions of §§ 61-6-49 to 61-6-63, inclusive, means an individual who, with respect to any week of unemployment in the individual's eligibility period:
(1) Has received, prior to the week, all of the regular benefits that were payable to the individual under this title or any other state law (including dependents' allowances and regular benefits payable to federal civilian employees and ex-servicemen under 5 U.S.C. chapter 85) for the individual's benefit year that includes the week; or
(2) Has received, prior to the week, all of the regular benefits that were available to the individual under this title or any other state law (including dependents' allowances and regular benefits available to federal civilian employees and ex-servicemen under 5 U. S.C. chapter 85) in the individual's benefit year that includes the week, after the cancellation of some or all of the individual's wage credits or the total or partial reduction of the individual's right to regular benefits.