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 Data Processing Agreement (UK GDPR, DPA, Non-EEA Data Transfers)

This legal template, known as the Standard Data Processing Agreement (UK GDPR, DPA, Non-EEA Data Transfers) under UK law, is a comprehensive document that outlines the terms and conditions governing the processing of personal data in compliance with the United Kingdom General Data Protection Regulation (UK GDPR), the Data Protection Act (DPA), and specifically addresses the transfer of data to non-European Economic Area (EEA) countries.

In today's interconnected digital world, businesses often rely on third-party processors to handle personal data on their behalf. This template serves as a legally binding agreement between the data controller (the entity responsible for determining the purposes and means of processing personal data) and the data processor (the entity processing personal data on behalf of the controller).

The agreement addresses various key aspects required by the UK GDPR and DPA to ensure the protection and lawful processing of personal data. It covers essential points such as the scope and duration of the agreement, the nature and purpose of the processing, the types of personal data being processed, and the rights and obligations of both parties.

This template also focuses on the specific issue of transferring personal data beyond the EEA, which requires additional safeguards to protect the privacy and rights of individuals. It outlines the necessary measures, such as implementing appropriate contractual clauses or using mechanisms approved by the UK GDPR, to ensure adequate protection when transferring personal data to non-EEA countries.

By utilizing this Standard Data Processing Agreement, businesses can establish a clear and compliant framework for data processing operations, outlining the responsibilities, liabilities, and expectations of both parties involved. This legally sound document mitigates the risk of data breaches, demonstrates a commitment to data protection laws, and establishes a foundation for trust between data controllers and processors.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
4
RATINGS
2
DISCUSSIONS
1

Standard Final Letter Changing Migrant Workers Sponsor In The UK Post Approval (Changing Employers)

The "Standard Final Letter Changing Migrant Workers Sponsor In The UK Post Approval (Changing Employers)" legal template outlines the process and requirements for migrant workers in the UK who have been granted sponsorship approval but wish to change their employers. This template adheres to UK laws and provides a standardized final letter that can be used to formally request and initiate the process of changing employers. It includes relevant legal provisions, guidelines, and conditions that both the migrant worker and the new employer must meet to ensure compliance with immigration regulations. This template serves as a comprehensive guide to help facilitate a smooth transition for migrant workers while ensuring their rights are protected under UK law during the process of changing employers.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
9
RATINGS
2
DISCUSSIONS
1

Standard Residential Freehold Sale Contract By A Mortgagee

The Standard Residential Freehold Sale Contract By A Mortgagee under UK law is a legal template that outlines the terms and conditions for the sale of a residential property by a mortgagee. A mortgagee refers to the lender, typically a bank, who holds a legal interest in the property due to the borrower's default on the mortgage repayments.

This contract template serves as a comprehensive agreement between the mortgagee and the purchaser, ensuring a smooth and legally binding transaction. It covers important aspects such as the property details, purchase price, payment terms, and conditions for completion. Additionally, the template includes provisions for property inspections, title assurances, and warranties.

Furthermore, the contract template addresses any outstanding liabilities or encumbrances that may be associated with the property, such as outstanding taxes, liens, or claims. It also includes provisions related to the transfer of ownership, rights, and responsibilities, ensuring compliance with UK laws and regulations.

The primary purpose of this legal template is to protect the rights and interests of both parties involved in the sale, providing clear guidelines for the mortgagee and the purchaser to follow throughout the transaction process. By utilizing this template, parties can minimize any potential legal disputes and create a fair and transparent agreement for the sale of a residential property.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
9
RATINGS
5
DISCUSSIONS
2