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Corporations - Insolvency - Statutes Giving Priority To Wage Claims
Corporations - Insolvency - Statutes Giving Priority To Wage Claims
Michigan Law Review
Statutes giving liens or preferences to wage claims upon the insolvency of corporations are found among the laws of many states. In reference to the priority established, these statutes can be divided into three classes: those specifically stating that the lien or preference created shall be prior to all other claims not secured by specific liens, those specifically stating that wage claims shall be superior to all other claims upon the property of the corporation, including mortgages, and those making wage claims a lien or preferred debt to be paid "before any other debt or debts." Under this last type …
Insolvency Statutes Preferring Wages Due Employees, Paul G. Kauper
Insolvency Statutes Preferring Wages Due Employees, Paul G. Kauper
Michigan Law Review
Insolvency statutes of a majority of American states and the bankruptcy acts of the United States and England allow a preference to the claims of employees for wages accruing prior to the employer's insolvency or bankruptcy. Related types of legislation such as statutes creating an absolute lien on the employer's property to secure payment of wages, giving a preference to the employees of a deceased employer in the administration of his estate, exempting the wages of laborers from attachment or garnishment, making stockholders of a corporation individually liable for debts representing wages due employees, allowing employees to interpose their claims …