Paramount Law & Legal Definition
Paramount is subject to different meanings, but in the context of creditor law, it refers to the right to be first or ahead of all the rights or claims of others. Paramount priority in creditor law is the right to collect before all other creditors, so that the debt must be paid when the debtor becomes insolvent before all other debts. Paramount priority may be given to taxing authorities, judgment holders, secured creditors, bankruptcy trustees and attorneys. The right also can apply to mortgages, deeds of trusts or other liens.
Subject to certain exceptions, if a debtor is located in a jurisdiction, the law of that jurisdiction governs the perfection of a security interest, the effect of perfection or non-perfection and priority issues.
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