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Simple English definitions for legal terms

superpriority

Read a random definition: own recognizance

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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BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
12:25
@ChowieBean: doing the same thing
Does anyone think au gonna get back to us today
My app was complete Oct 11
If yes what time
Dkk
12:29
Sure, yes! 11:22:24 PST
ClassyPleasantHeron
12:30
I wonder if Berk was updating their system so that they could watch more video.
1a2b3c4d26z
12:41
They updated it so they could watch my video one trillion times
brookyln law portal just added person id and application id for me, what does it mean??
Dkk
12:52
@VolatileClumsyAcolyte: well someone got an A so maybe an A
just checked the reddit, apparently it means nothing..
HAPPY FRIDAY HAPPY UCLA DAY
what time would they release cuz west coast
BulbasaurNoLikeCardio
12:54
I hate that Vanderbilts portal gives no status
HopefullyInLawSchool
12:54
@VolatileClumsyAcolyte: did you apply YM to Brooklyn?
JumpySubsequentDolphin
12:57
@SplitterusClitterus: THEY BETTER HAVE AN A WAVE TODAYYY
glovediedthisishismom
12:57
kendrick lamar
glovediedthisishismom
12:57
album
JumpySubsequentDolphin
12:57
I think usually they release at like 1ish?
JumpySubsequentDolphin
12:57
@glovediedthisishismom: GNXXXX
babycat
12:59
I heard if you apply YM at Brooklyn specifically it’s the equivalent of like a 5 LSAT point boost
HopefullyInLawSchool
13:00
^^^^This
13:00
does anyone have any information on lsu? I have only heard of 1 person getting a decision and its driving me insane
HopefullyInLawSchool
13:01
Just info on their YM applications but nothing else
HopefullyInLawSchool
13:02
@BeFree03:
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