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National unions retain most of the decision-making authority over local unions.
Unsecured Note
A financial instrument that represents a loan not backed by collateral, typically entailing higher risk for the lender.
Entitled to Priority
Entitled to priority refers to a situation where certain claims, such as debts or interests, are given precedence over others in the event of a bankruptcy or liquidation.
Secured Creditors
Creditors who have a legal claim or lien on specific assets of the debtor as collateral for the debt.
Unsecured Creditors
Creditors who have claims on the assets of a debtor but no collateral securing those claims.
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