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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词条贡献者

法律翻译Scott，毕业于新加坡知名法学院，专注翻译各类与豪华住宅买卖有关的法律文件。