priority claims

priority claims
Certain unsecured claims which are entitled to be paid in full before general unsecured claims are paid. These include administrative expenses and salaries, unpaid wages, employee benefits, consumer deposits and prepetition taxes.

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

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  • 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 — 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 …   Law dictionary

  • priority — The Bankruptcy Code establishes the order in which claims are paid from the bankruptcy estate. All claims in a higher priority must be paid in full before claims with a lower priority receive anything. All claims with the same priority share pro… …   Glossary of Bankruptcy

  • priority of claim — Claims of some employees, employee benefit plans, domestic support obligations, taxing bodies, and others may be entitled to payment prior to the claims of general unsecured creditors. Wages owed to employees for the last pay period prior to… …   Glossary of Bankruptcy

  • claims — rights to repayment made by creditors against a debtor; they may be liquidated, unliquidated, fixed, contingent, matured, unmatured, secured, unsecured, subordinated, legal or equitable. priority claims (Glossary of Common Bankruptcy Terms)… …   Glossary of Bankruptcy

  • 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 claim — An unsecured claim that is paid ahead of other unsecured claims based upon the priority scheme established by the Bankruptcy Code (SA See under claim; priority claim (Bernstein s Dictionary of Bankruptcy Terminology) An unsecured… …   Glossary of Bankruptcy

  • Priority — may refer to: Priority date, a concept of establishing waiting times in the immigration process by United States Department of State Priority level, the priority of emergency communications Priority Records, a record label started in 1985 and… …   Wikipedia

  • Priority right — In patent, industrial design rights and trademark laws, a priority right or right of priority is a time limited right, triggered by the first filing of an application for a patent, an industrial design or a trademark respectively. The priority… …   Wikipedia

  • Claims Conference — The Conference on Jewish Material Claims Against Germany, or Claims Conference, represents world Jewry in negotiating for compensation and restitution for victims of Nazi persecution and their heirs. The Claims Conference administers compensation …   Wikipedia

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