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 those remaining after payment to individual creditors. — Also termed jingle rule. [Cases: Partnership 178, 186. C.J.S. Partnership §§ 174, 181.]

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词条贡献者

资深译员Ting，世界知名语言学院法律英语专业，专注翻译各种与专业责任纠纷有关的法律文件。