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.]
