The liquidating agent shall use the credit union's assets to pay, in the following order:
(1) secured creditors to the extent of the value of their collateral;
(2) liquidation expenses, including a surety bond if required;
(3) depositors;
(4) general creditors, including secured creditors to the extent that their claims exceed the value of their collateral; and
(5) distributions to members in proportion to the shares held by each member.
Official text of the Texas Finance Code as published by the Texas Legislative Council.