Principle of Priority
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Priority refers to the ranking of various interests or rights in terms of preference. Often defined as having precedence over another in the exercise of rights in the same subject matter."[1]
This concept is prevalent across multiple legal domains, including property, debt, equity, bankruptcy, and patents.
One of the most common contexts for priority is in the relationships among creditors and their security interests. In bankruptcy proceedings, laws specify the sequence in which creditors and secured interests are repaid, with detailed regulations outlining the priority among different categories of secured and unsecured creditors.[2]
In countries such as Ireland, it refers to parties having conflicting rights over the same property in the Land Registry.[3]
In India, often called the Doctrine of Priority, it is outlined in Section 48 of the Transfer of Property Act.[4] It is also often referred to as the Rule of Priority.
References[edit]
- ↑ "Definition of PRIORITY". www.merriam-webster.com. 2024-10-14. Retrieved 2024-10-25.
- ↑ "priority". LII / Legal Information Institute. Retrieved 2024-10-25.
- ↑ McMahon, Paul (2018-08-24). "Priorities". Irish Legal Guide. Retrieved 2024-10-25.
- ↑ "RULE OF PRIORITY UNDER PROPERTY LAW - Abbasi & Associates Law Firm". 2021-11-01. Retrieved 2024-10-25.
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