Loading...
Circular Priority Systems
Gilmore, Grant
Gilmore, Grant
Citations
Altmetric
Abstract
What should be done when an inadequate fund is to be distributed among competing claimants and under applicable rules of law, A is entitled to priority over B, who is entitled to priority over C, who is entitled to priority over A? Or, in a variant, when B and C have claims entitled to equal priority, one of which is superior, the other inferior, to A's claim? The problem has long entertained lawyers, particularly those in whom a speculative turn of mind is allied with some proficiency in mathematics. Several exceedingly complex all-purpose theoretical solutions have been proposed. These have been ignored by the courts. A judge who finds himself face to face with a circular priority system typically reacts in the manner of a bull who has been goaded by the picadors: he paws the ground and roars with rage. The spectator can only sympathize with judge and bull.