Short answer. After duties, taxes, and fees owed to the State or its subdivisions are paid first, Article 2247 of the Civil Code divides what remains pro rata between the two or more preferred credits on that same specific movable. Neither of you is paid in full ahead of the other.
What the law says
If there are two or more credits with respect to the same specific movable property, they shall be satisfied pro rata, after the payment of duties, taxes and fees due the State or any subdivision thereof.
Civil Code, Article 2247 — Two or More Credits on the Same Movable. Read the full provision →
State charges come first
Before either preferred creditor is paid, Article 2247 requires that duties, taxes and fees due the State or any subdivision thereof be satisfied first. This is a fixed priority ahead of the pro rata division between you and the other creditor, meaning government charges connected to the movable take precedence over both of your preferred claims, even though those claims are themselves preferred over ordinary, unsecured creditors competing for the same property.
What pro rata means for you and the other creditor
Once those state charges are paid, whatever value remains from the movable is divided pro rata between the two or more preferred credits on that property. Pro rata means each of you is paid in proportion to the size of your own credit relative to the combined total of both preferred credits, rather than one of you being paid in full first while the other waits for whatever is left over, or the credits being ranked by which one arose earlier in time.
Why this differs from a single preferred claim
This pro rata rule is distinct from a situation where only one preferred credit exists over a specific movable, in which case that single credit simply excludes ordinary creditors up to the movable's value. Article 2247 addresses the different scenario where two or more credits share the same kind of preference over the identical piece of movable property, and neither of you, standing alone, is entitled to be paid ahead of the other once the state's charges have already been deducted.
Working out what each of you actually receives
Applying this in practice means first establishing the movable's value after duties, taxes and fees have been deducted, and then confirming that both credits genuinely qualify for the same kind of preference over that specific property. Each creditor's share is then a fraction of the remaining value, proportionate to their own credit against the combined total of the qualifying preferred credits, rather than an equal fifty-fifty split regardless of how much each of you is actually owed.