Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Priority
1 The status of being earlier in time or higher in degree or rank; precedence. 2. An established right to such precedence; esp., a creditor's right to have a claim paid before other creditors of the same debtor receive payment. 3. The doctrine that, as between two courts, jurisdiction should be accorded the court in which proceedings are first begun.
Superpriority
Bankruptcy. The special priority status granted by the court to a creditor for extending credit to a debtor or trustee that cannot obtain unsecured credit from a willing lender. ( This priority may be either an administrative claim outranking other administrative claims or, if certain statutory requirements are met, a security interest in property. 11 USCA § 364(c)(1).
absolute-priority rule
Bankruptcy. The rule that a confirmable reorganization plan must provide for full payment to a class of dissenting unsecured creditors before a junior class of claimants will be allowed to receive or retain anything under the plan. 0 Some jurisdictions recognize an exception to this rule when a junior class member, usu. a partner or shareholder of the debtor, contributes new capital in exchange for an interest in the debtor. 11 USCA § 1129(b)(2)(B)(ii)
priority ;jurisdiction rule
See FIRST-TO-FILE RULE.
priority claim
Bankruptcy. An unsecured claim that, under bankruptcy law, must be paid before other unsecured claims. ( The Bankruptcy Code sets forth eight classes of claims, to be paid in order of priority: (1) administrative expenses of the bankruptcy estate, (2) involuntary gap claims, (3) wage claims, (4) contributions to employee benefit plans, (5) claims of grain farmers and fishermen, (6) consumer deposits, (7) tax claims, and (8) capital requirements of an insured depository institution.
priority lien
See prior lien under LIEN.
priority of invention
The determination that one among several patent applications, for substantially the same invention, should receive the patent when the Patent and Trademark Office has declared interference. ( This determination depends on the date of conception, the date of reduction to practice, and diligence.
priority of liens
The ranking of liens in the order in which they are perfected.