senior mortgage
A mortgage that has priority over another mortgage (a junior mortgage) on the same property. [Cases: Mortgages 151. C.J.S. Mortgages §§ 210–212, 226.]
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second mortgage
A mortgage that is junior to a first mortgage on the same property, but that is senior to any later mortgage. [Cases: Mortgages 151. C.J.S. Mortgages §§ 210–212, 226.]
first mortgage
A mortgage that is senior to all other mortgages on the same property. [Cases: Mortgages 151. C.J.S. Mortgages §§ 210–212, 226.]
subordination agreement
An agreement by which one who holds an otherwise senior interest agrees to subor-dinate that interest to a normally lesser interest, usu. when a seller agrees to subordinate a purchase-money mortgage so that the buyer can obtain a first-mortgage loan to improve the property. [Cases: Secured Transactions 147. C.J.S. Secured Transactions § 108.]
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