prior lien

American  

noun

1. a lien having priority over others attached to the same property.

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Example Sentences

The Brothers Drake and their wives also went to court, arguing that the contract was an operating charge and therefore a prior lien on the property.

From Time Magazine Archive

The essence of Chairman Brown's plan is that some of Frisco's big creditors are to extend it an interest moratorium on the prior lien and consolidated bonds.

From Time Magazine Archive

Russia, having had a prior lien on Kiao Chou, it is obvious that Germany could not have seized that harbor in opposition to Russia.

From China by Boulger, Demetrius Charles

Receiver's certificates are issued by receivers of corporations, companies, etc., in financial difficulties, to secure operating capital; they are granted first rights upon the property and are placed above prior lien and first mortgage bonds.

From Up To Date Business Home Study Circle Library Series (Volume II.) by Eaton, Seymour

It is true that the Treasury would still be able to recoup itself for this loss in the value of the bonds by exercising its prior lien on the assets of the banks.

From Readings in Money and Banking Selected and Adapted by Phillips, Chester Arthur