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LSDefine

Simple English definitions for legal terms

superpriority

Read a random definition: defensor civitatis

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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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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