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LSDefine

Simple English definitions for legal terms

prior creditor

Read a random definition: nomogenetics

A quick definition of prior creditor:

A prior creditor is someone who is owed money by another person or entity. They have a claim that came before any other claims and will be paid first if there is not enough money to pay everyone. For example, if someone owes money to two people and they can only pay one, the prior creditor will be paid first.

A more thorough explanation:

A prior creditor is a person or entity who has a claim against a debtor that predates the order for relief concerning the debtor. This means that they have a higher priority in receiving payment from the debtor's assets compared to other creditors.

For example, if a company goes bankrupt and owes money to multiple creditors, the prior creditor who had a claim before the bankruptcy filing will be paid first from the company's assets before other creditors.

Another example is a mortgage lender who has a lien on a property. If the property owner defaults on the mortgage, the prior creditor (mortgage lender) has the right to foreclose on the property and sell it to recover the debt before any other creditors can make a claim on the property.

prior consistent statement | prior-exclusive-jurisdiction doctrine

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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