Senior mortgage bond
Senior mortgage bond
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Senior Mortgage Bond
A bond secured by a mortgage on one or more properties that, in the event of bankruptcy and/or liquidation, has priority over other liabilities secured by the same mortgages. See also: Absolute Priority Rule, Second Mortgage.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved