PRELEVEMENT

1 definition found

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  PRELEVEMENT, French law. The portion which a partner is entitled to take out 
  of the assets of a firm before any sign shall be made of the remainder of 
  the assets, between the partners. 
       2. The partner who is entitled to a prelevement is not a creditor of 
  the partnership; on the contrary he is a part owner for if the assets should 
  be deficient, a creditor has a preference over the partner; on the other 


  hand, should the assets yield any profit, the partner is entitled to his 
  portion of it, whereas the creditor is entitled to no part of it, but he has 
  a right to charge interest, when he is in other respects entitled to it.