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LSDefine

Simple English definitions for legal terms

preferred creditor

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A quick definition of preferred creditor:

A preferred creditor is someone who is owed money by another person or company, but they have a better chance of getting paid back than other creditors. This is because they have a special right to the money, like a security interest or a lien on property. Other creditors might have to wait in line to get paid, but the preferred creditor gets to go first. It's like being at the front of the line for a special treat!

A more thorough explanation:

A preferred creditor is a person or entity who has a superior right to receive payment from a debtor compared to other creditors. This means that if the debtor has limited funds or assets, the preferred creditor will be paid first before other creditors.

For example, if a company goes bankrupt and owes money to both a bank and a supplier, and the bank has a perfected security interest in the company's assets, the bank will be considered a preferred creditor and will be paid first from the sale of the assets. The supplier, who is an unsecured creditor, will only be paid if there are any funds left after the bank has been paid.

Another example is a mortgage lender who has a first lien on a property. If the property is sold, the mortgage lender will be paid first from the proceeds of the sale before any other creditors who may have a claim on the property.

preferred cause | preferred docket

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9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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