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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.

Examples of First in time, first in right in a sentence

  • Only time CRA loses is if there is a bankruptcy (secured creditors beat CRA in a bankruptcy).PARTIAL ABOLITION OF PRIORITY CL Rule of creditors’ priorities: First in time, first in right.

  • Because of the "First in time, first in right" doctrine, the state can make closures or issue a stop pumping order to well owners who are the most recent to receive water rights (Junior water rights).

  • The study conducted by Deb (2006) was mainly concerned with protection of GIs as collective marks in the context of Japan and also highlighted on the possible contentions between trademark and GIs. The inadequacy of trademark (which is based on the principle of 'First in time, first in right') in protecting GIs, among others, was particularly highlighted in the study.

  • First possession – first to have property right Subsequent possession – rights that preempt or superceded rights of those before First in time, first in right Acquisition by Discovery Discovery – first to find something previously thought unfound Originally believed “unchristian” land Ownership v.

  • For this research the maximum grid step, far from the region of interest, is 5 mm thus the grid steps remains smaller than λ/15: ∆max < λ/15.

Related to First in time, first in right

  • Delivery into consignees store or to his site means delivered and unloaded in the specified store or depot or on the specified site in compliance with the conditions of the contract or order, the supplier bearing all risks and charges involved until the supplies are so delivered and a valid receipt is obtained.

  • Date of Grant means the date on which the granting of an Award is authorized, or such other date as may be specified in such authorization.

  • Option to Build means the option of the New Service Customer to build certain Customer- Funded Upgrades, as set forth in, and subject to the terms of, the Construction Service Agreement.

  • Substantial and Compelling Reason in the Public Interest means a reason that is justified by an important, specific, and articulated public interest goal that is within ICANN's mission and consistent with a balanced application of ICANN's core values as defined in ICANN's Bylaws.

  • Day of Rest means a day other than a holiday or a day of leave of absence, on which the employee is not ordinarily required to perform the duties of the position;

  • Market Value per Share means, as of any particular date, the closing price of a Common Share as reported for that date on the New York Stock Exchange or, if the Common Shares are not then listed on the New York Stock Exchange, on any other national securities exchange on which the Common Shares are listed, or if there are no sales on such date, on the next preceding trading day during which a sale occurred. If there is no regular public trading market for the Common Shares, then the Market Value per Share shall be the fair market value as determined in good faith by the Committee. The Committee is authorized to adopt another fair market value pricing method provided such method is stated in the applicable Evidence of Award and is in compliance with the fair market value pricing rules set forth in Section 409A of the Code.