pari passu

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Pari Passu

[Latin, By an equal progress; equably; ratably; without preference.] Used especially to describe creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each other.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

pari passu

‘share and share alike’, a term used in several contexts but especially in relation to the rights and ranking of creditors of an insolvent estate; it denotes an entitlement to payment of their debts in shares proportionate to their respective claims.
Collins Dictionary of Law © W.J. Stewart, 2006

PARI PASSU. By the same gradation.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.