On liquidation of an association, claims for payment have the following priority:
(1) obligations incurred by the commissioner or the liquidating agent, fees and assessments due the Department of Savings and Mortgage Lending, and expenses of liquidation, all of which may be covered by the proper reserve of money;
(2) approved claims of creditors, to the extent that the claims are secured by, or constitute a lien on, the assets or property of the association;
(3) approved claims of depositors against the general liquidating account of the association;
(4) approved claims of general creditors and the unsecured portion of a creditor obligation described by Subdivision (2);
(5) otherwise approved claims that were not filed within the time prescribed by Section 66.305;
(6) approved claims of subordinated creditors; and
(7) claims of shareholders of the association.