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Definitions of preference

(in preference to) If you ​choose something or someone in preference to another thing or person, then you choose it instead of someone or something else that you like or want less

The holders of the Series A Preferred Stock shall be entitled to receive dividends prior and in preference to any dividend on Common Stock.

a creditor's legal right to be paid first out of the assets of the debtor

The court awarded some creditors preference in the bankruptcy proceedings which allowed them to recover monies owned before all other creditors.

a feeling of liking or wanting something or someone more than another thing or person

He insists he has no personal preference about who takes the position.