Proceeds from the sales of immovable property shall be distributed to the following:
1° creditors owed legal costs incurred in the process leading to the sale of the property and in
the actual distribution of the proceeds;
2° creditors of highly preferred wages in proportion to the value of the property with regard to
the assets as a whole;
3° hypothecary creditors and creditors of separation of patrimony registered within the legal
time limit, each according to the rank of his registration in the land register;
4° creditors of the body of creditors as defined by Article 117 above;
5° creditors with a general lien following the order established by the Uniform Act organizing
securities;
6° unsecured creditors.
Where the funds are not enough to fully pay off the creditors of any of the categories mentioned
in 1°, 2°, 4°, 5° and 6° of this article the said creditors occupying equal rank, the funds shall be
distributed in proportion to their total debts.
Official translation
Spot-checked
In force from 10 April 1998
Source page 55