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LSDefine

Simple English definitions for legal terms

superpriority

Read a random definition: deposition

A quick definition of superpriority:

Term: SUPERPRIORITY

Definition: Superpriority is a special status given by a court to a creditor who lends money to a debtor or trustee who cannot get a loan from another lender. This priority can be either a claim that is more important than other claims or a security interest in property. It helps the creditor get paid back before other creditors if the debtor goes bankrupt.

A more thorough explanation:

Definition: Superpriority is a special priority status given by a court to a creditor who has extended credit to a debtor or trustee who cannot obtain unsecured credit from a willing lender. This priority can either be an administrative claim that outranks other administrative claims or, if certain statutory requirements are met, a security interest in property.

Example: Let's say a company is going through bankruptcy and needs to borrow money to keep its operations going. However, no lender is willing to lend them money without some form of security. In this case, a creditor may be granted superpriority status by the court, which means that they will have a higher priority than other creditors in getting paid back if the company's assets are sold off to pay off debts.

Another example: A trustee in bankruptcy may need to hire a professional to help with the administration of the bankruptcy estate. If the trustee cannot obtain unsecured credit from a willing lender, they may be able to obtain superpriority status for the professional's fees, which means that the professional will have a higher priority than other administrative expenses in getting paid back.

These examples illustrate how superpriority can be used to give certain creditors a higher priority in getting paid back in a bankruptcy case. This can be important for creditors who are taking on more risk by extending credit to a debtor who may not be able to pay them back without some form of security.

super praerogativa regis | supersede

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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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