Home
A concurrence of credit implies the possession by two or more creditors of equal rights or privileges
over the same property or all of the property of the debtor.
A preference of credit is the right held by a creditor to be preferred in the payment of his claim above others (to be paid first) out of the debtor’s assets
A concurrence or preference of credit does not create a lien. It merely creates a right of one creditor to be paid first as against other creditors. If the property is not sufficient, creditors who concur share pro-rata.
over the same property or all of the property of the debtor.
A preference of credit is the right held by a creditor to be preferred in the payment of his claim above others (to be paid first) out of the debtor’s assets
A concurrence or preference of credit does not create a lien. It merely creates a right of one creditor to be paid first as against other creditors. If the property is not sufficient, creditors who concur share pro-rata.
