Prior Preferred Stock
A preferred stock that has priority over other preferred stock. This occurs when a publicly-traded company has more than one class of preferred stock. Thus, while all preferred stock receives dividends before common stock, prior preferred stock receives dividends before other preferred stock. It is also called a preference stock.
A class of preferred stock that has preference over one or more other classes of preferred stock of the same issuer. Preference may be with respect to payment of dividends and/or claims on assets. Also called preference stock. Compare second preferred.