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senior mortgage
sen·ior mort·gage
(
plural
sen·ior mort·ga·ges
)
noun
Definition:
mortgage with priority on repayment:
a mortgage whose holder has first claim on repayment in the case of foreclosure.
See also
junior mortgage
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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