Priorities
/ˈpraɪəˌrɪtiz/
Definitions
- (n.) Legal rights or claims held by one party that take precedence over those of others, especially in debt repayment or property interests.
The lender secured priority over other creditors by perfecting its security interest.
- (n.) Order of importance established by law or contract in which claims, obligations, or interests are satisfied or enforced.
Bankruptcy law sets the priorities for creditor claims during asset distribution.
Forms
- priority
Related terms
See also
Commentary
Priority in legal contexts often determines the sequence of rights enforcement, critical in secured transactions and insolvency; drafters should clearly specify applicable priority rules to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.