§ 35-01-15 — Order of resort for payment - Marshalling securities

When a person has a lien upon several things and other persons have subordinate liens
upon or interests in some but not all of the same things, the person having the prior lien, if that
person can do so without the risk of loss to that person or of injustice to other persons, on the
demand of any party interested, must resort to the property in the following order:
1. To the things upon which that person has an exclusive lien.
2. To the things which are subject to the fewest subordinate liens.
3. In like manner inversely to the number of subordinate liens upon the same thing.
4. When several things are within one of the foregoing classes, and subject to the same
number of liens, resort must be had:
a. To things which have not been transferred since the prior lien was created;
b. To the things which have been so transferred without a valuable consideration;
and
c. To the things which have been so transferred for a valuable consideration in the
inverse order of the transfers.