priority

priority
pri·or·i·ty 1 /prī-'ȯr-ə-tē/ n pl -ties: precedence in exercise of rights in the same subject matter
secured interests have priority over unsecured ones
priority 2 adj
1: having precedence over another in the exercise of rights in the same subject matter
a priority creditor
a priority claim
2: of or relating to priority
a priority contest

Merriam-Webster’s Dictionary of Law. . 1996.

priority
I noun advantage, antecedence, commanding position, essential status, exigency, first place, importance, necessity, needfulness, precedence, preeminence, preference, primacy, prior right, requisiteness, right-of-way, right to precedence, right to preference, seniority, superiority, supremacy, urgency, vitalness associated concepts: priority of claim, priority of lien, priority statute foreign phrases:
- Qui prior est tempore potior est jure. — He who is first in time is first in right
- Prior tempore potior lure. — First in time, superior in right
II index importance, magnitude, materiality (consequence), precedence, preferential, prerogative, privilege, significance

Burton's Legal Thesaurus. . 2006


priority
n.
Precedence; something that is ranked higher than something else; the condition of being more important than someone or something else.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


priority
The right to be ahead of the rights or claims of others. In bankruptcy law, the right to collect before other creditors is given to taxing authorities, the holders of court judgments, secured creditors, bankruptcy trustees, and bankruptcy attorneys. The right can also apply to mortgages, deeds of trusts, or liens, which are given priority in the order they were recorded.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy
Category: Real Estate & Rental Property → Homeowners

Nolo’s Plain-English Law Dictionary. . 2009.

priority
USA
This term has a number of meanings. In the context of:
• Bankruptcy, the ranking of a claim which entitles it to be paid before other claims are paid. All claims with a higher priority must be paid in full before claims with a lower priority are paid anything. The Bankruptcy Code specifies the order in which the estate pays unsecured claims if there is not enough money to pay all such claims in full. All claims with the same priority are paid pro rata. Unsecured claims are paid in the following order:
o The administrative expenses of the estate, or administrative claims.
o All other priority claims.
o general unsecured claims.
secured claims are not included in this ranking scheme because they are the first to be paid from the proceeds of the collateral which secure such claims.
• Finance, the particular order in which debt or collateral claims are ranked. Priority can be determined by contract between creditors (for example, intercreditor agreements or subordination agreements), by order in time or by structural subordination.
Related terms:

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


priority
n. A condition of being higher in rank, or degree, or having occurred at an earlier time; taking precedence, especially a creditor's right to receive payment from a debtor before others are paid; the initiating court's exercising the jurisdiction in a case in which more than one court is involved.

Webster's New World Law Dictionary. . 2000.

priority
n.
   the right to be first or ahead of the rights or claims of others. In bankruptcy law, the right to collect before other creditors is given to taxing authorities, judgment holders, secured creditors, bankruptcy trustees and attorneys. The right also can apply to mortgages, deeds of trusts or liens given priority in the order they were recorded (in the "race to the courthouse").

Law dictionary. . 2013.

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Synonyms:
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