Section 15
SEC. 15. The funds and property of every rural bank organized under this Act shall likewise be exempt from attachment or execution during the period of its operation, unless the bank was organized in fraud of creditors, in which case it shall be liquidated, not in accordance with section seven hereof, but in the usual manner, as the circumstances require, the Philippine National Bank to be considered as a preferred creditor to the extent of the total of such loans as it might have extended in favor of said bank.