71-3-115. Order of resort to different funds. When a person has a lien upon several things and other persons have subordinate liens upon or interests in some but not all of the same things, the person having the prior lien, if the prior lienor can do so without risk of personal loss or of injustice to other persons, shall resort to the property in the following order, on the demand of any interested party:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(1)to the things upon which the person has an exclusive lien;

(2)to the things that are subject to the fewest subordinate liens;

(3)in the same manner inversely to the number of subordinate liens upon the same thing; and

(4)when several things are within one of the classes described in subsections (2) and (3) and subject to the same number of liens, resort must be had:

(a)first, to the things that have not been transferred since the prior lien was created;

(b)second, to the things that have been transferred since the prior lien was created without a valuable consideration; and

(c)third, to the things that have been transferred for a valuable consideration in the inverse order of the transfer.