Priority Right
/ˈpraɪərɪti raɪt/
Definitions
- (n.) A legal entitlement that gives a party precedence or preference over others in exercising a particular right or claim, often relating to claims on property, assets, or legal proceedings.
The creditor exercised his priority right to be paid before other creditors in the bankruptcy.
- (n.) In intellectual property law, the right of an applicant to claim the filing date of an earlier application in another jurisdiction, securing priority for patent or trademark rights.
The inventor filed a patent application claiming priority right from the original filing date in France.
Forms
- priority rights
Related terms
See also
Commentary
Priority rights often determine the order of claims or protections, especially in insolvency or IP law; clearly specifying priority in agreements is crucial 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.