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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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