Priority of debts

Priority of debts
Priority Pri*or"i*ty, n. [Cf. F. priorit['e]. See {Prior}, a.] 1. The quality or state of being prior or antecedent in time, or of preceding something else; as, priority of application. [1913 Webster]

2. Precedence; superior rank. --Shak. [1913 Webster]

{Priority of debts}, a superior claim to payment, or a claim to payment before others. [1913 Webster]

Syn: Antecedence; precedence; pre["e]minence. [1913 Webster]


The Collaborative International Dictionary of English. 2000.

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  • Priority — Pri*or i*ty, n. [Cf. F. priorit[ e]. See {Prior}, a.] 1. The quality or state of being prior or antecedent in time, or of preceding something else; as, priority of application. [1913 Webster] 2. Precedence; superior rank. Shak. [1913 Webster]… …   The Collaborative International Dictionary of English

  • priority — priority, precedence can both mean the act, the fact, or, especially, the right of preceding another. When the reference is to the right, both terms usually imply an established or accepted code that determines which shall precede the other.… …   New Dictionary of Synonyms

  • priority claims — administrative expenses and salaries, wages, employee benefits, customer deposits and taxes which occurred pre petition (Glossary of Common Bankruptcy Terms) Certain debts, such as unpaid wages, spousal or child support, and taxes are elevated in …   Glossary of Bankruptcy

  • priority debt — A type of debt that is paid first if any creditors are paid in a Chapter 7 bankruptcy case, and must be paid in full in a Chapter 13 bankruptcy case. Priority debts include alimony and child support, wages owed to employees, and fees owed to the… …   Law dictionary

  • priority — Precedence, going before. A legal preference or precedence. The relative ranking of competing claims to the same property. When two persons have similar rights in respect of the same subject matter, but one is entitled to exercise his right to… …   Black's law dictionary

  • priority — The attribute or quality of that which is earlier or previous in point of time. Precedence. Of lien:–a superiority of security over other liens either in point of time or as declared by law from considerations of public policy. Of claim:–the… …   Ballentine's law dictionary

  • deed of priority — An agreement, usually a deed, under which two or more creditors agree among themselves the rights which they shall have as between each other in relation to their debts from the same debtor and the order of priority in which their respective… …   Law dictionary

  • preferential debts — categories of debts listed in the Insolvency Act 1986 and having priority to any claims to principal or interest under a debenture. Collins dictionary of law. W. J. Stewart. 2001. preferential debts …   Law dictionary

  • Absolute Priority — A rule that stipulates the order of payment creditors before shareholders in the event of liquidation. The absolute priority rule is used in bankruptcies to decide what portion of payment will be received by which participants. Debts to creditors …   Investment dictionary

  • Abatement of debts and legacies — is a common law doctrine of wills that holds that when the equitable assets of a deceased person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a dividend.In the case of… …   Wikipedia

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