Priority System
/ˈpraɪɒrɪti ˈsɪstəm/
Definitions
- (n.) A legal or administrative framework that determines the order in which claims, rights, or obligations are addressed or fulfilled.
The priority system established which creditors would be paid first during bankruptcy proceedings.
Forms
- priority system
- priority systems
Related terms
See also
Commentary
Usually arises in contexts like bankruptcy, secured transactions, or regulatory compliance where ordering of rights or claims is critical.
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.