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What is "priority of debts"

The Collaborative International Dictionary
Priority of debts

Priority \Pri*or"i*ty\, n. [Cf. F. priorit['e]. See Prior, a.]

  1. The quality or state of being prior or antecedent in time, or of preceding something else; as, priority of application.

  2. Precedence; superior rank.
    --Shak.

    Priority of debts, a superior claim to payment, or a claim to payment before others.

    Syn: Antecedence; precedence; pre["e]minence.