priority


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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").

priority

noun advantage, antecedence, commanddng position, essential status, exigency, first place, necessity, precedence, preeminence, preference, primacy, prior right, requisiteness, right-of-way, right to precedence, right to preference, seniority, supremacy, urgency, vitalness
Associated concepts: priority of claim, priority of lien, priorrty statute
Foreign phrases: Qui prior est tempore potior est jure.He who is first in time is first in right. P rior tempore potior jure. First in time, superior in right.
See also: consequence, importance, magnitude, materiality, precedence, preferential, prerogative, privilege, significance

PRIORITY. Going before; opposed to posteriority. (q.v.)
     2. He who has the precedency in time has the advantage in right, is the maxim of the law; not that time, considered barely in itself, can make any such difference, but because the whole power over a thing being secured to one person, this bars all others from obtaining a title to it afterwards. 1 Fonb. Eq. 320.
     3. In the payment of debts, the United States are entitled to priority when the debtor is insolvent, or dies and leaves an insolvent estate. The priority was declared to extend to cases in which the insolvent debtor had made a voluntary assignment of all his property, or in which his effects had been attached as an absconding or absent debtor, on which an act of legal bankruptcy had been committed. 1 Kent, Com. 243; 1 Law Intell. 219, 251; and the cases there cited.
     4. Among common creditors, he who has the oldest lien has the preference; it being a maxim both of law and equity, qui prior est tempore, potior est jure. 2 John. Ch. R. 608. Vide Insolvency; and Serg. Const. La*, Index, h.t.

References in periodicals archive ?
The Palace official meanwhile said there was no need to convene a Legislative Executive Development Advisory Council (LEDAC) meeting in coming up with the list of priority bills.
An examination of the virtual channel port arbitration schemes, such as weighted round robin, is advised to ensure sufficient data flow for priority transactions.
When all unsecured claims cannot be paid in full, the priority of an unsecured claim may make the difference between full payment and no payment.
Q: Are veterans a national priority for Congress and the Administration?
Priority Health is a nationally recognized health plan company based in Michigan.
However, if an assessment of tax liability is made but the tax is not collected within 240 days, filing an offer in compromise thereafter will not revive the IRS's priority.
Priority Health developed the Senior Impact Award to discover and recognize the ways Senior Volunteers put their energy and commitment to work for the community.
MTA board member James Cragin, who represents smaller cities in the county and who attended Thursday's MTA committee meeting, said he needs more information before deciding whether the 101-405 interchange deserves top priority.
The Priority Health Cycling Team sponsorship fits perfectly with our commitment to improving the health of the community," said Kim Horn, Priority Health's president and CEO.
The survey asked parents to rate school construction or repair needs in three priority categories: highest, intermediate or lowest.
Priority Health, one of the largest health plans in Michigan, will now provide health benefits to the nearly 3,000 employees of Borgess Health.

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