In a mortgage financing transaction by several lenders, the contractual agreement that in the event of the debtor’s default and any foreclosure (CH: Betreibung; levy upon property, compulsory enforcement) all creditors have the same claims (a provision in a mortgage contract declaring that all notes are equally secured and that no holder of the collateral will receive preferential treatment in the event of default or foreclosure). – See bond, subordinated, location judgment, priority rule, unconditional.
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