{"id":363965,"date":"2013-01-28T16:34:14","date_gmt":"2013-01-28T21:34:14","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/dictionary\/definition\/preference.html"},"modified":"2013-01-28T16:34:14","modified_gmt":"2013-01-28T21:34:14","slug":"preference","status":"publish","type":"dictionary","link":"https:\/\/dictionary.findlaw.com\/definition\/preference.html","title":{"rendered":"Preference"},"content":{"rendered":"\n
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term:<\/p>\n

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n<\/p><\/dt>\n

1<\/b> :<\/b> the right to prior payment of a debt [with over the creditors of the heirs or legatees “Louisiana Civil Code<\/i>“]
2<\/b> :<\/b> the transfer of an insolvent debtor’s interest in property to a creditor for an earlier debt that gives the creditor more than the creditor would otherwise receive (as under a bankruptcy settlement) called also voidable preference<\/i> compare antecedent debt<\/i> at debt<\/a>, fraudulent conveyance<\/a> general assignment<\/i> at assignment<\/a> NOTE: Preferences can be voided by a bankruptcy trustee because they diminish the bankruptcy estate out of which other creditors will be paid. Preferences must be made during a period (as 90 days before the date of filing a bankruptcy petition) established by bankruptcy law in order to be voidable. Perfection or grant of a security interest during this period is also a preference. The bankruptcy law states exceptions under which payments to creditors are not voidable preferences. <\/i>
3<\/b> :<\/b> priority <\/a> <\/p>\n<\/dd>\n<\/dl>\n

Source: Merriam-Webster’s Dictionary of Law \u00a91996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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