right of priority

The right of priority forms no part of the contract itself. It (the right of priority) is intrinsic, and rather a personal privilege dependent on the law of the place where the property lies, and where the court sits, which is to decide the cause. In the familiar case of the administration of the estate of a deceased person, the assets are always distributed according to the dignity of the debt as regulated by the law of the country, where the representative of the deceased acts, and from which he derives his power.