First in time, first in right definition

First in time, first in right means that the first of the two liens to attach and become “perfected”— in other words, enforceable against other liens— has priority. For example, a local government property tax lien is first in time, first in right compared with a lien for unpaid state income or sales taxes.18 If Carolina County forecloses on Parcel A for delinquent 2008 property taxes, the county’s property tax lien would be senior to state tax liens that attached to Parcel A after January 1, 2008—the date on which the 2008 property tax lien attached to real property— and junior to state tax liens that attached before that date.
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Related to First in time, first in right

  • Early Opt-in Effective Date means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

  • TENTH The Board of Directors, by resolution passed by a majority of the whole Board, may designate any of their number to constitute an Executive Committee, which Committee, to the extent provided in said resolution, or in the By-Laws of the Company, shall have and may exercise all of the powers of the Board of Directors in the management of the business and affairs of the Corporation, and shall have power to authorize the seal of the Corporation to be affixed to all papers which may require it.

  • Early Opt-in Election means the occurrence of:

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