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LSDefine

Simple English definitions for legal terms

preferred creditor

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A quick definition of preferred creditor:

A preferred creditor is someone who is owed money by another person or company, but they have a better chance of getting paid back than other creditors. This is because they have a special right to the money, like a security interest or a lien on property. Other creditors might have to wait in line to get paid, but the preferred creditor gets to go first. It's like being at the front of the line for a special treat!

A more thorough explanation:

A preferred creditor is a person or entity who has a superior right to receive payment from a debtor compared to other creditors. This means that if the debtor has limited funds or assets, the preferred creditor will be paid first before other creditors.

For example, if a company goes bankrupt and owes money to both a bank and a supplier, and the bank has a perfected security interest in the company's assets, the bank will be considered a preferred creditor and will be paid first from the sale of the assets. The supplier, who is an unsecured creditor, will only be paid if there are any funds left after the bank has been paid.

Another example is a mortgage lender who has a first lien on a property. If the property is sold, the mortgage lender will be paid first from the proceeds of the sale before any other creditors who may have a claim on the property.

preferred cause | preferred docket

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19:19
@windyMagician: so?
19:20
Like why waste the bandwidth lmfao
why did they waste their bandwith hating on me
kinda like what you're doing rn
19:24
LOL nvm be yourself bro
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@DigiFartHoe: Hows hunk today?
19:51
hey do y'all know whether davis status checker changes to decision rendered once a decision is rendered?
chat am i cooked. I have not really hear back from anywhere :( only two schools that were well within my reach and got rejected
MrThickRopes
20:01
bruhhhh dobby be emailing me
20:07
whats the +/- on LSAT medians after this cycle
20:09
+5
20:09
@NemoPropheta: Not sure but here is the most recent data, comparing 2023/2024, 25th/50th/75th percentiles at each school, with a change. Penn had +5 75th and OKC had -2
20:10
@JD-Dance: according to this spreadsheet i found, yes, and they will email you with whatever the result is
20:10
also three little lines is a filter, u can filter the numbers using it in row 2
20:11
Readme tab at botton
20:12
sry whoever made spreadsheet is a rock brain fr
20:12
<3
I made a speadsheet once
MrThickRopes
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Fo pm gon go crazzzzy tmrw
MrThickRopes
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We reddddy?
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MrThickRopes crunk
I am so drunk and I wish all all the best I have so much love for every single one of you and I wish Mr. thick ropes gets into all of his schools
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Is not gonna go crazy tomorrow because it’s Good Friday but on Monday decisions are gonna roll
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the bf has friends over so im j chilling on the computer
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