PREEMPTION RIGHT
\pɹiːˈɛmpʃən ɹˈa͡ɪt], \pɹiːˈɛmpʃən ɹˈaɪt], \p_ɹ_iː__ˈɛ_m_p_ʃ_ə_n ɹ_ˈaɪ_t]\
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A right/ advantage given out to the present stock holders, allowing them to gain the first option in case a house or property is being sold. It can also mean a right set in contracts, allowing a party go gain the first opportunity for purchasing a property or article, before it is put up for sale.
By Henry Campbell Black
