Meaning of prior charge in English:

prior charge


  • A class of stock or capital on which claims for payment take precedence over the claims of ordinary stock or capital.

    ‘items to be taken into account as a prior charge on the assets’
    • ‘She left her home jointly to her daughter, Mrs Wilkinson, and her son Mr Brian Thomas, with a prior charge on the proceeds of sale of the house in favour of her ex-husband Mr Geoffrey Thomas.’