The trustee, after paying the necessary costs of the administration of the trust, shall pay as speedily as possible
(1) All debts which are a lien upon any of the trust property in his hands, to the extent of the net proceeds of the property upon which such debt is a lien;
(2) Wages due to workmen, clerks, traveling or city salesmen, or? servants, which have been earned within three months before registration of said deed of trust or deed of assignment, and
(3) All other debts equally ratable. (1909, c. 918, s. 5; C.S., s. 1618.)
Terms Used In North Carolina General Statutes 23-10
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Trustee: A person or institution holding and administering property in trust.