Precedence

Definition

Priority or superiority of legal claims or rights in bankruptcy or distribution. Who gets paid first when there's only enough money for some creditors.

Example Usage

Secured creditors have precedence over unsecured creditors in bankruptcy distributions.

Origin

From Latin 'praecedere' meaning 'to go before'

Fun Fact

Bankruptcy law creates elaborate hierarchies of creditors—tax claims beat everyone, then employees, then unsecured creditors get pennies.

Source: Bankruptcy Law; Creditor Rights Doctrine

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adverse possession

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ruling

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forum non conveniens

A doctrine allowing courts to dismiss cases that would be better heard elsewhere, essentially the legal version of 'not it!' Latin for 'inconvenient forum.'

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arbitrament

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