First mortgage debenture: Difference between revisions
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It is known as a 'first' mortgage because it ranks higher than any second mortgage over the same asset, and it also ranks higher than any 'floating charge' mortgage over the assets and undertaking of the issuer more generally. | It is known as a 'first' mortgage because it ranks higher than any second mortgage over the same asset, and it also ranks higher than any 'floating charge' mortgage over the assets and undertaking of the issuer more generally. | ||
== See also == | == See also == | ||
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* [[Floating charge debenture]] | * [[Floating charge debenture]] | ||
* [[Mortgage ]] | * [[Mortgage ]] | ||
Revision as of 09:56, 22 June 2016
A debenture secured by a mortgage on a specific asset of the issuer.
It is known as a 'first' mortgage because it ranks higher than any second mortgage over the same asset, and it also ranks higher than any 'floating charge' mortgage over the assets and undertaking of the issuer more generally.
