Priority of claims implies that there is competition between interests which (i) are not only enforceable against the person creating them but are based on an interest in the asset itself, 1
and (ii) when regarded individually are valid and enforceable through the asset, i.e. they are “proprietary”. 2
Priority becomes important when the total amount of all valid proprietary claims exceeds the total value of assets available to meet them.
The rest of this document is only available to i-law.com online
If you are already a subscriber, please enter your details below to log in.