MARVIN MANDEL, Governor

613

sections of Art. 47 nevertheless are contained
elsewhere in the common law, as well as in
Art. 23, §81, and therefore should be
retained. This section sets forth the law as
it has been applied in insolvency proceedings,
whether brought pursuant to Art. 23 or Art.
47.

Subsection (c) of this section is derived from
the powers referred to in Art. 23, §81. The
only change is reflected in paragraph (3) of
this subsection, by increasing the time limit
to set aside a lien against the property of an
insolvent from three months to four months.
This is done to conform to the provision
contained in paragraph (2) of this subsection;
there would appear to be no valid
justification for maintaining the present
distinction.

Subsection (d) of this section is derived from
the Bankruptcy Act. U.S.C.A. 11, §§ 96, 107
and 110 have been incorporated by reference in
Art. 23, §81 bat are particularly set forth
within the section to avoid problems with
respect to incorporation by reference of
entire bodies of federal law.

15-102. PRIORITIES IN INSOLVENCY.

(A) DEFINITIONS.

(1)   IN THIS SECTION THE FOLLOWING WORDS HAVE
THE MEANINGS INDICATED.

(2)      "PERSON" INCLUDES AN INDIVIDUAL,
CORPORATION, BUSINESS TRUST, ESTATE, TRUST, PARTNERSHIP,
ASSOCIATION, TWO OR ROBE PERSONS HAVING A JOINT OR COMMON
INTEREST, OR ANY OTHER LEGAL OR COMMERCIAL ENTITY.

(3)   "WAGES" [[HAS THE MEANING STATED IN §3121
OF THE FEDERAL INTERNAL REVENUE CODE]] MEANS ALL
REMUNERATION PAID TO ANY EMPLOYEE FOR HIS EMPLOYMENT,
INCLUDING THE CASH VALUE OF ALL REMUNERATION PAID IN ANY
MEDIUM OTHER THAN CASH..

(B) PRIORITIES.

THE PROPERTY OF AN INSOLVENT WHO MAKES AN ASSIGNMENT
FOR THE BENEFIT OF CREDITORS OR WHO HAS HIS PROPERTY
TAKEN BY A RECEIVER UNDER A DECREE OF A COURT IN AN
INSOLVENCY PROCEEDING SHALL BE APPLIED TO THE FOLLOWING,
IN THE ORDER STATED: