priority of claim

priority of claim
Claims of some employees, employee benefit plans, domestic support obligations, taxing bodies, and others may be entitled to payment prior to the claims of general unsecured creditors.
Wages owed to employees for the last pay period prior to filing the bankruptcy petition will probably be priority claims, up to $10,000.
also see claim (Bernstein's Dictionary of Bankruptcy Terminology)

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

Look at other dictionaries:

  • 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

  • claim — A right to payment (SA Bankruptcy.com) A right to payment, whether or not fixed, contingent, liquidated, disputed, or matured. (Bernstein s Dictionary of Bankruptcy Terminology) BAR DATE The date by which claims must be filed with the Bankruptcy… …   Glossary of Bankruptcy

  • priority claim — An unsecured claim that is paid ahead of other unsecured claims based upon the priority scheme established by the Bankruptcy Code (SA Bankruptcy.com) See under claim; priority claim (Bernstein s Dictionary of Bankruptcy Terminology) An unsecured… …   Glossary of Bankruptcy

  • priority claim — ➔ claim1 * * * priority claim UK US noun [C] ► FINANCE, LAW the right of a person or company to be paid money that is owed to them by a bankrupt company before other people or companies are paid …   Financial and business terms

  • 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 of debts — 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… …   The Collaborative International Dictionary of English

  • 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… …   Glossary of Bankruptcy

  • Priority right — In patent, industrial design rights and trademark laws, a priority right or right of priority is a time limited right, triggered by the first filing of an application for a patent, an industrial design or a trademark respectively. The priority… …   Wikipedia

  • Claim in bankruptcy — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

  • Claim (patent) — Patent claims are the part of a patent or patent application that defines the scope of protection granted by the patent. The claims define, in technical terms, the extent of the protection conferred by a patent, or the protection sought in a… …   Wikipedia

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