ASSIGNMENT WITH PREFERENCES
\ɐsˈa͡ɪnmənt wɪð pɹˈɛfɹənsɪz], \ɐsˈaɪnmənt wɪð pɹˈɛfɹənsɪz], \ɐ_s_ˈaɪ_n_m_ə_n_t w_ɪ_ð p_ɹ_ˈɛ_f_ɹ_ə_n_s_ɪ_z]\
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An assignment for the benefit of creditors, with directions to the assignee to prefer a specified creditor or class of creditors, by paying their claims in full before the others receive any dividend, or in some other manner. More usually termed a "preferential assignment."
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the assignment that directs the creditors to be paid first in full before claims of other creditors are paid.
By Henry Campbell Black
Word of the day
Loord
- dull, stupid fellow; a drone. l[=oo]rd, n. (Spens.) a lout. [Fr. lourd, heavy.]