Dictionary of Banking Terms: preference
preference
transfer of property occurring within 90 days of a borrower's filing of a bankruptcy petition. A preference may be through a lien or security interest, or transfer of property to a creditor. An unsecured loan paid off within 90 days of bankruptcy also may be declared a preference. Bankruptcy trustees have the power to void preferences that impair the position of general creditors, or that undermine the stability of a business through transfer of an obligation.
Dictionary of Business Terms: preference
preference
choice of one alternative over another. For example, some people show a preference for certain colors over others because they make them feel happy.
