Prelavement

In French law. The portion which a partner is entitled to take out of the assets of a firm before any division shall be made of the remainder of the assets between the partners. The partner who is entitled to a prelevement is not a creditor of the partnership, — on the contrary, he is a part owner; for, if the assets should be deficient, a creditor has a preference over the partner. On the other hand, should the assets yield any profit, the partner is entitled to his portion of it, whereas the creditor is entitled to no part of it, but he has a right to charge interest when he is in other respects entitled to it.