Subordination

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Subordination

To put in an inferior class or order; to make subject to, or subservient. A legal status that refers to the establishment of priority between various existing liens or encumbrances on the same parcel of property.

A subordination agreement is a contract whereby a creditor agrees that the claims of specified senior creditors must be paid in full before any payment on a subordinate debt can be paid to the subordinate creditor.

A subordination clause in a mortgage is a provision that gives a subsequent mortgage priority over one that has been executed at an earlier date.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

subordination

n. allowing a debt or claim which has priority to take second position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for another loan to make additions or repairs usually must get a subordination of the original loan so the new obligation is in first place. A declaration of homestead must always be subordinated to a loan. (See: subordination agreement)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in classic literature ?
It was the most comforting habit of his life, in a mainly successful display of his skill without the assistance of any subordinate. He entered his club to play from five to seven, before going home to dinner, forgetting for those two hours whatever was distasteful in his life, as though the game were a beneficent drug for allaying the pangs of moral discontent.
H1c: Subordinate performance will be higher when the superior allocates productive resources among subordinates than when the superior does not allocate productive resources among subordinates.
He gave the remarks during course of hearing of the case pertaining to worse condition of kutchery for subordinate courts here Monday.
"Sa aking pananaw, nagbigay s'ya ng isang utos sa kanyang subordinate, hindi nagawa ng kanyang subordinate 'yung utos na 'yon.
Subordinate NYCMWFA SRF bonds, including the series 2018B bonds are secured by subordinate-lien NYCMWFA repayment obligations, moneys available from time-to-time in the general reserve fund, and, on a subordinated basis, releases from certain other EFC programs.
Model Rule of Professional Conduct 5.2 provides that a subordinate lawyer is not excused from ethical responsibilities merely because he or she was acting at the direction of another lawyer.
PEO Soldier subordinate offices include Project Manager, Soldier Protection and Individual Equipment (PM SPIE); Project Manager, Soldier Sensors and Lasers (PM SSL); and Project Manager, Soldier Warrior (PM SWAR).
As part of the modification process, LPS Industry Lien Matching provides participating servicers with the transparency needed to identify all loans associated with a first lien, which is especially critical when a property has subordinate liens being serviced by different servicers.
Once a manager decides to consult followers for information, the number of subordinates consulted is determined by the marginal cost and marginal benefit of consulting an additional subordinate.
Leader Member Exchange theory talks about a high degree of mutual influence and obligation between superiors and subordinates, and asserts that such a relationship will result in several important positive outcomes such as lower turnover, higher subordinate performance, citizenship behaviour, commitment, and satisfaction.