Other provisions of section 533.404 notwithstanding, when astate credit union is dissolved, firstpriority of payment shall be given to unpaid share drafts. However, a share draft shall not be paid ifany of the following conditions exist: 1. The share draft was issued on or after the date of dissolution, or on or after the date the state credit union isrequired by section 533.405, subsection 2, to cease doing business in the event of a voluntary dissolution. 2. The share draft iswritten against an account that does not contain sufficient funds with which to pay the share draft. 3. The share draft is payable to a member of the state credit union, or to a member ofthe family of the issuer of the share draft, or to a business in which the issuer of the share draft has an interest. However, the exception contained in this subsection does not apply to any person referred to in this subsection if the person is a holder in due course, as provided in chapter 554, article 3.
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