Latin for Lawyers

PRIME

istrative agencies to hear and determine a controversy before it can be heard by a court. (Example: the National Labor Relations Board has primary juris diction over grievances arising under collective bargaining agreements.) See SECOND; SECONDARY PRIME [L. prior, prius, primus / first in place or time; also, former] First in rank, authority or standing; principal. Having priority over. Prime or prime rate is the lowest interest rate charged by a bank of its most credit-wor thy customers. The prime minister is the head of government in countries having the parliamentary system of government. PRIMOGENITURE [L. primus + genitor / a father, begetter; the first born] The exclusive right of inheritance belonging to the first born son. Under the early common law of descent, the eldest son succeeded to all the property of his deceased father. PRIORITY [L. prior / first in place or time] Enjoying a legal position superior to others. Having superior rights to prop erty. The relative rank of competing claims for the same asset(s). The status of a claim which is entitled to be satisfied before other claims; a mortgage upon real property has priority over a lease, for example. Under the bank ruptcy code, claims with priority must be paid before other claims. The Uni form Commercial Code sets forth the priority of security interests in personal property. UCC § 9-301 et seq. PRIMUS INTER PARES First among equals. PRINCIPAL [L. principalis / first in time, rank or importance; most important or consequential] Generally, constituting the main or most important element. The word has many uses and meanings for lawyers. Examples: The amount borrowed and forming the face value of an obligation or of a document evidencing the obli gation, e.g., a promissory note or bond, is the principal of the obligation as distinguished from interest on the obligation. In criminal law, the principal is the person who commits or participates in the crime or who induces or pro cures others to help in its commission. In the law of agency, the principal is the individual from whom flows the authority in others, i.e., his agents, to commit acts for his benefit or in his behalf. The principal obligor on a debt or obligation is the person who is primarily liable or who will have the ultimate burden of payment, as distinguished from persons who are secondarily liable, e.g., sureties or guarantors. A capital sum invested to earn interest is called the principal .

298