Publisher one

Genie AI

Jurisdiction

England and Wales

Contract party

Relevant sectors

Type of legal document

💴 Deed of priority

Business activity

Deed of priority

Why use a 💴 Deed of priority?

A deed of priority is a legal document that establishes the priority of one creditor's claim over other creditors' claims. In other words, a deed of priority gives the creditor who holds the deed priority over other creditors in the event that the debtor defaults on payments.

The Deed of Priority (Different Creditors, Same Assets, Same Debtor) is a legal template designed for use under UK law to establish an order of payment among multiple creditors who have claims on the same assets owned by a single debtor. In situations where a debtor has multiple outstanding debts to different creditors, this document serves as a binding agreement that outlines the priority in which these creditors will be repaid from the assets in possession of the debtor.

As per UK law, the Deed of Priority ensures transparency, fairness, and legal clarity for all parties involved. It primarily addresses situations where a debtor lacks sufficient funds to fully repay all debts owed, prompting the need for a predetermined hierarchy of creditors to receive payment. This legal instrument sets forth the order in which the creditors will be satisfied, ensuring that each creditor's right to repayment is recognized and accounted for.

The Deed of Priority template typically outlines the specific terms and conditions agreed upon by the creditors, which may include the amounts owed, the ranking of priority, the assets designated for payment, and any agreed-upon payment structures or timelines. This document protects both debtors and creditors by formalizing the creditors' rights and providing a legally binding agreement on the order of repayments. It aids in preventing any potential disputes or confusion that may arise concerning the distribution of available funds.

It is essential to consult legal professionals experienced in financial and contractual matters while utilizing the Deed of Priority template to ensure compliance with UK law and the specific circumstances of the debtor-creditor relationship.

How it works

Create doc / use template

Chat to our AI Legal Assistant

Edit, collaborate & share

Export to .docx

PRODUCT HUNT
#1 Product of the Day

Try using Genie's Free AI Legal Assistant

Generate quality, formatted contracts with AI

Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs

Let our Legal AI make 
edits for you

Ask Genie to edit your document in the same way you’d ask a paralegal. Genie makes track changes, and explains its thinking just like a junior lawyer would.

AI review

Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs

See Genie AI in action

Book your personalised demo now

Schedule a live, interactive demo with a Genie expert
Understand the most valuable features of Genie based on your workflow
Find out exactly how your business will benefit, from hours saved to faster revenue



Click here to book your personalised demo now.

Thank you for requesting a demo. You can book one immediately using the following link if you'd like to: https://bit.ly/GenieAIDemo

If you'd like to, you can now fill in our ROI calculator - you'll get instant results, which we'll use to make your demo even more specific.

Calculate now
Oops! Something went wrong while submitting the form.



Click here to book your personalised demo now.

Similar legal templates

Standard Director's Power Of Attorney For AIM Admission

This legal template concerns a document known as the "Standard Director's Power of Attorney for AIM Admission" within the framework of UK law. Aimed primarily at companies seeking admission to the Alternative Investment Market (AIM) in the UK, this template outlines the specific authorization and powers granted to a director (or directors) of such a company.

The template provides a legally binding format through which a director can be granted authority to act on behalf of the company in various matters related to the AIM admission process. These powers typically include, but are not limited to, signing and filing necessary forms, preparing documentation, liaising with regulatory bodies, and engaging in any necessary negotiations.

Aiming to streamline the AIM admission procedure, this template ensures that the authorized director(s) possess the necessary power and capacity to undertake the required actions without the need for frequent board approval. By providing a consolidated set of powers that fall within the scope of AIM admission, this template helps facilitate the efficient and timely realization of the company's admission to the AIM.

Companies looking to gain access to the capital markets provided by the AIM can utilize this legal template to formally establish and delegate the specific powers and responsibilities of their director(s) throughout the AIM admission process.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
1
RATINGS
3
DISCUSSIONS
2

Standard Letter Of Refusal To Work Past Retirement Age Request

This legal template is designed specifically for use in the United Kingdom and pertains to a "Standard Letter of Refusal to Work Past Retirement Age Request." It is typically utilized by employers or organizations when responding to an employee's request to continue working beyond their designated retirement age.

The document outlines the employer's formal stance in declining this request in compliance with UK law and regulations surrounding retirement age. It provides a clear and concise response on behalf of the employer, including relevant legal references or justifications for the decision.

The letter may emphasize the importance of adhering to retirement age policies to ensure fairness and compliance within the organization, as well as uphold legal obligations. It may also explain any potential consequences or considerations associated with continuing employment beyond retirement age, such as the impact on pension entitlements, employment contracts, or other relevant factors.

Overall, this legal template acts as a formal correspondence conveying the employer's refusal to grant the employee's request to work beyond retirement age, citing UK law and providing a comprehensive rationale for declining the proposal.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
9
RATINGS
2
DISCUSSIONS
0

Standard Employer Response To Race Discrimination (ET3 Unfair Dismissal)

The legal template, titled "Standard Employer Response to Race Discrimination (ET3 Unfair Dismissal) under UK Law," is a document designed to assist employers in formulating an appropriate rebuttal and defense against a claim of race discrimination in the context of an unfair dismissal case.

In the UK, the Equality Act 2010 prohibits discrimination based on race, and individuals who believe they have been unlawfully dismissed due to their race may file a claim with the Employment Tribunal (ET). The ET3 form is the employer's response to such a claim, outlining their position and presenting evidence to counter the allegations of race discrimination.

This legal template aims to provide employers with a comprehensive framework to craft their response effectively. It may include sections addressing the legal basis of race discrimination claims, the specific circumstances and events of the case, and any relevant policies implemented by the employer to prevent discrimination in the workplace.

The template may also guide employers in identifying and presenting evidence demonstrating that the dismissal was not racially motivated, such as performance evaluations, disciplinary records, witness statements, or other pertinent documentation. Additionally, it may help employers explain any mitigating factors that contributed to the dismissal decision, such as business necessity, employee misconduct, poor performance, or restructuring efforts.

By utilizing this legal template as a starting point, employers can ensure that their response to the ET3 claim comprehensively addresses the specific allegations of race discrimination and presents a strong defense that aligns with the requirements of UK employment law.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
9
RATINGS
3
DISCUSSIONS
1