A Written Agreement That Grants Priority of Claim to Another

question 7

Multiple Choice

A written agreement that grants priority of claim to another party is called a/an:

• A) subordination agreement
• B) adjustment of priorities instrument
• C) second Lien
• D) latent claim

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Definitions:

Economic Losses

Financial losses incurred by individuals, businesses, or the economy due to factors such as accidents, natural disasters, or market downturns.

Quebec Courts

The judicial system within the province of Quebec, Canada, which includes courts of various levels handling civil, criminal, and administrative matters.

Common Law

A legal system based on custom, court rulings, and precedent rather than written laws.

Negligence

The failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, leading to harm or damage.