Legal Question in Constitutional Law in Illinois
This is general law question. There is a principal of "first come, first served". It is often seen when a first mortage holder gets paid before a second mortgage holder. Likely this principal is used in many areas of the law. Is there a proper legal term given to this principal of "first come, first served"?
Asked on 11/21/10, 1:38 pm
1 Answer from Attorneys
There are a couple of different terms. In mortgaging law the formal way of referring to this is "prior in time, prior in right". What you may be looking for is "priority of mortgages", "priority of lien" or simply "prior lien" rights. They are relatively interchangeable.
Answered on 11/26/10, 4:27 pm
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