Priority

Precedence. Thus, claims are said to be allowed priority where they are

Precedence; going before. He who has the precedency in time has the advantage in right, is the maxim of the law; not that time, considered barely in itself, can make any such difference, but because, the whole power over a thing being secured to one person, this bars all others from obtaining a title to it afterwards; 1 Fonbl. Eq. 320. In the payment of debts, the United States is entitled to priority when the debtor is insolvent or dies and leaves an insolvent estate. The priority was declared to extend to cases in which the insolvent debtor had made a voluntary assignment of all his property, or in which his effects had been attached as an absconding or absent debtor, on which an act of legal bankruptcy had been committed; 1 Kent 243. Among common creditors, he who has the oldest lien has the preference, — it being a maxim both of law and equity, qui prior est tempore potior est jure; Berry v. Ins. Co., 2 Johns. Ch. (N. Y.) 608. See Insolvency. But in respect to privileged debts, arising ex contractu, existing against a ship or vessel under the general admiralty law, the order of priority is most generally that of the inverse order of their creation, — thus reversing the order of priority generally adopted in the courts of common law. The ground of this inversion of the rule is that the services performed at the latest hour are more efficacious in bringing the vessel and her freightage to their final destination. Each foregoing incumbrance is, therefore, 17 id. 421. See Maritime Liens; Assets; Lien.

A legal preference or precedence. When two persons have similar rights in respect of the same subject-matter, but one is entitled to exercise his right to the exclusion of the other, he is said to have priority.

In old English law. An antiquity of tenure, in comparison with one not so ancient. CowelL

1. A legal precedence or preference; as in saying that certain debts are paid in priority to others, or that certain incumbrances of an estate are allowed priority over others; that is, they are to be allowed to satisfy their claims out of the estate before the others can be admitted to any share therein, &c. 2. In old English law, an antiquity of tenure, in comparison with one not so ancient. Cowel.

going before’; opposed to posteriority, (q- v-) He who has the precedency in time has the advantage in right, is the maxim of the law; not that time, considered barely in itself, can make any such difference, but because the whole power over a thing being secured to one person, thig bars all others from obtaining a title to it afterwards. 1 Fonb. Eq. 320. In. the payment of debts, the United States are entitled to priority when the debtor is insolvent, or dies and leaves an insolvent estate. The priority was declared to extend to cases in which the insolvent debtor had made a voluntary assignment of all his property,’ or in which his effects had been attached as an absconding or absent debtor, on which an act of legal bankruptcy had been committed. 1 Kent, Com. 243; 1 Law Intell. 219, 251; and the cases there cited. Among common creditors, he who has the oldest lien has the preference. Vide Insolvency; and Serg. Const. Law, Index, h. t.