priority

priority
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 rata. Claims are paid in this order 1) costs of administration; 2) priority claims and 3) general unsecured claims. Secured claims are paid from the proceeds of liquidating the collateral which secured the claim. (Bankruptcy in Brief)

The Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which unsecured claims will be paid if there is not enough money to pay all unsecured claims in full. (BankruptcyAction.com)

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

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  • 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 — 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 — priority, precedence can both mean the act, the fact, or, especially, the right of preceding another. When the reference is to the right, both terms usually imply an established or accepted code that determines which shall precede the other.… …   New Dictionary of Synonyms

  • Priority — Pri*or i*ty, n. [Cf. F. priorit[ e]. See {Prior}, a.] 1. The quality or state of being prior or antecedent in time, or of preceding something else; as, priority of application. [1913 Webster] 2. Precedence; superior rank. Shak. [1913 Webster]… …   The Collaborative International Dictionary of English

  • Priority — Priority, est le label d une compagnie de disque indépendante Artistes produits : Homesick James Portail de la musique Ce document provient de « Priority ». Catégorie : Label de musique indépendant …   Wikipédia en Français

  • priority — late 14c., from O.Fr. priorite (14c.), from M.L. prioritatem (nom. prioritas) fact or condition of being prior, from L. prior (see PRIOR (Cf. prior) (adj.)) …   Etymology dictionary

  • priority — [n] first concern antecedence, arrangement, crash project*, greatest importance, lead, order, precedence, preeminence, preference, prerogative, previousness, rank, right of way*, seniority, superiority, supremacy, transcendence; concept727 Ant.… …   New thesaurus

  • priority — ► NOUN (pl. priorities) 1) the condition of being regarded as more important. 2) a thing regarded as more important than others. 3) the right to proceed before other traffic …   English terms dictionary

  • priority — [prī ôr′ə tē, prīär′ə tē] n. pl. priorities [ME priorite < ML prioritas] 1. the fact or condition of being prior; precedence in time, order, importance, etc. 2. a) a right to precedence over others in obtaining, buying, or doing something b)… …   English World dictionary

  • priority — Used for listed equity securities. System used in an auction market, in which the first bid or offer price is executed before other bid and offer prices, even if subsequent orders are larger. NYSE rules stipulate that the bid made first should be …   Financial and business terms

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