term:

Priority

priority n

pl: -ties
: precedence in exercise of rights in the same subject matter [secured interests have over unsecured ones]
adj 1 : having precedence over another in the exercise of rights in the same subject matter [a creditor] [a claim]
2 : of or relating to priority [a contest]

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.