prior creditor
A creditor who is given priority in payment from the debtor’s assets.
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gap creditor
Bankruptcy. A creditor who extends credit to, lends money to, or has a claim arise against the debtor in the period between the filing of an involuntary bankruptcy petition and the entry of the order for relief. • Under the Bankruptcy Code, a gap creditor’s claim receives second priority, immediately below administrative claims. 11 USCA
absolute priority rule
absolute-priority rule. Bankruptcy. The rule that a confirmable reorganization plan must provide for full payment to a class of dissenting unsecured creditors before a junior class of claimants will be allowed to receive or retain anything under the plan. • Some jurisdictions recognize an exception to this rule when a junior class member, usu. a
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hypothetical creditor
Bankruptcy. An actual or code-created judicial-lien creditor or bona fide purchaser who establishes a bankruptcy trustee’s status under the Bankruptcy Code’s priority scheme, claiming property through the debtor at the time of the bankruptcy filing. 11 USCA § 544. — Also termed hypothetical lien creditor. [Cases: Bankruptcy 2704, 2705. C.J.S. Bankruptcy §§ 123, 134, 158.]
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dual priorities rule
dual-priorities rule. The principle that partnership creditors have priority for partnership assets and that individual creditors have priority for a partner’s personal assets. • This rule has been abandoned by the bankruptcy laws and the Revised Uniform Partnership Act. The Bankruptcy Code now allows partnership creditors access to all assets of bankrupt partners, not just
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superpriority
superpriority. Bankruptcy. The special priority status granted by the court to a creditor for extending credit to a debtor or trustee that cannot obtain unsecured credit from a willing lender. • This priority may be either an administrative claim outranking other administrative claims or, if certain statutory requirements are met, a security interest in property.
ranking of creditors
ranking of creditors 债权人的顺位(→preference; priority)
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equity to marshal assets
equity to marshal assets 衡平法上的顺位清偿权 同一债务人有两个以上债权人，如果某一债权人只对债务人的部分财产、有价证券或基金享有次位担保权〔junior lien〕，而另一债权人对同一债务人的同一财产、有价证券或基金享有优位担保权〔prior lien〕，则次位债权人〔junior creditor〕对该财产、有价证券或基金享有顺位清偿权，即在优位债权人〔prior creditor〕就债务人的该项财产、有价证券或基金求偿之前，要求其先用尽其享有而次位债权人并不享有担保或其他利益的其他财产、有价证券或基金。
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unperfected security interest
A security interest held by a creditor who has not established priority over any other creditor. • The only priority is over the debtor. [Cases: Secured Transactions 139. C.J.S. Secured Transactions § 91.]
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