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preemption

or pre-emp·tion

[pree-emp-shuh n]
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noun
  1. the act or right of claiming or purchasing before or in preference to others.

Origin of preemption

1595–1605; < Medieval Latin praeëmpt(us) bought beforehand (past participle of praeëmere) + -ion. See pre-, emptor
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018

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