One of the mysteries of the English language finally explained.
A class of stock or capital on which claims for payment take precedence over the claims of ordinary stock or capital.‘items to be taken into account as a prior charge on the assets’
- ‘She left her home jointly to her daughter, Mrs Wilkinson, and her son Mr Brian Thomas, with a prior charge on the proceeds of sale of the house in favour of her ex-husband Mr Geoffrey Thomas.’
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