Superpriority Law and Legal Definition
Superpriority is a term used with reference to Bankruptcy. It is a special priority status granted by the court to a creditor for extending credit to a debtor or trustee that cannot obtain unsecured credit from a willing lender. This priority may be an administrative claim outranking other administrative claims. It may also be a security interest in property on meeting certain statutory requirements. The provisions relating to this can be found in 11 USCS ยง 364 (c) (1).
