Priority of claims in liquidation

(1) In liquidation, the Corporation shall have priority in respect of rights to which it is subrogated over the rights of other unsecured creditors. (2) The claims of depositor of a Fund member in respect of the balance of the insurable deposit which exceeds the insured limit, an insurable deposit that is excluded under section 30 and a deposit that is not an insurable deposit under this Act shall rank in the liquidation– (a) of a domestic bank, according to the priority of claims provided for in section 116 of the Domestic Banks and Financial Institutions Act; CAP. 263. (b) of a credit union, according to priority determined by the liquidator under section 72(c) of the Credit Unions Act. CAP. 314.