In a legal context, “priority” refers to the order or ranking of rights, claims, or interests with respect to a particular asset, obligation, or legal matter. It determines which party has precedence or superior rights over others in cases of competing claims or interests. Priority can be established through various means, such as contractual agreements, statutory provisions, or judicial determinations. For example, in the context of secured transactions, priority may be determined based on the timing of the creation or perfection of security interests in collateral. Similarly, in bankruptcy proceedings, priority determines the order in which creditors are entitled to receive payment from the debtor’s assets. Priority plays a crucial role in resolving conflicts and allocating resources fairly among competing parties in legal matters.
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This glossary post was last updated: 29th March, 2024.
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