third-party priority
[/θɜːrd ˈpɑːrti praɪˈɒrɪti/]
nounpl: third-party priorities
prioridade de terceiros
1. A legal or contractual claim that a third party holds against a debtor, taking precedence over other claims in matters of payment or asset distribution
The bank's third-party priority claim was filed before the company's bankruptcy proceedings began.
A reclamação de prioridade de terceiros do banco foi registrada antes do início dos procedimentos de insolvência da empresa.
2. In secured transactions, the status granted to a creditor who is not a party to the original transaction but whose interest is recognized as having legal standing
The supplier invoked third-party priority to ensure payment from the liquidated assets.
O fornecedor invocou prioridade de terceiros para garantir o pagamento dos ativos liquidados.
This is a specialized legal and commercial term primarily used in contract law, bankruptcy proceedings, and secured transactions. It is more prevalent in Brazilian and American corporate contexts where complex multi-party transactions are common. The concept reflects the formalized nature of creditor rights hierarchies in modern commercial law.
Related Idioms & Phrases
hold third-party priority over someone
exercise third-party priority rights
enforce third-party priority claim
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